News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
S&P 500 Looks for Direction Near 2011 High, US Dollar Treading Water

S&P 500 Looks for Direction Near 2011 High, US Dollar Treading Water

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The S&P 500 remains perched near the 2011 yearly high waiting for clear directional cues while the US Dollar is treading water below Fibonacci resistance.

S&P 500 – Unchanged from yesterday: “Prices overcame resistance at 1358.60, the July 2011 high, and now aim for the May 2011 top at 1376.10. Negative RSI divergence hints at ebbing bullish momentum and warns a reversal may be imminent. The 1358.60 level has been recast as near-term support.”

SP_500_Looks_for_Direction_Near_2011_High_US_Dollar_Treading_Water_body_Picture_5.png, S&P 500 Looks for Direction Near 2011 High, US Dollar Treading Water

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices are testing resistance at 105.61, the 123.6% Fibonacci extension, after taking out resistance at the January 4 high (103.66). Continued upward momentum above here targets 106.81, the 138.2% Fib. The 103.66 level has been recast as near-term support.

SP_500_Looks_for_Direction_Near_2011_High_US_Dollar_Treading_Water_body_Picture_6.png, S&P 500 Looks for Direction Near 2011 High, US Dollar Treading Water

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices broke through the top of a Descending Triangle set from early February, invalidating the formation’s bearish implications and exposing initial resistance levels at 1746.10 and 1763.00. Near-term support remains at 1714.05. A break below that targets 1677.05.

SP_500_Looks_for_Direction_Near_2011_High_US_Dollar_Treading_Water_body_Picture_7.png, S&P 500 Looks for Direction Near 2011 High, US Dollar Treading Water

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices remain wedged between resistance at 9863, the 50% Fibonacci retracement level, and the 23.6% Fib expansion at 9788. A break higher exposes the 61.8% retracement at 9908 while a push through support targets the 38.2% expansion level at 9732. Signs of negative RSI divergence hint the path of least resistance favors the downside.

SP_500_Looks_for_Direction_Near_2011_High_US_Dollar_Treading_Water_body_Picture_8.png, S&P 500 Looks for Direction Near 2011 High, US Dollar Treading Water

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow me on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES