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S&P 500 Chart Setup Calls for Losses, Hinting US Dollar to Recover

S&P 500 Chart Setup Calls for Losses, Hinting US Dollar to Recover

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: S&P 500 technical positioning calls for a bearish reversal below the 2011 yearly high, hinting the safe-haven US Dollar is set to recover amid risk aversion.

S&P 500 – Prices put in a bearish Dark Cloud Cover candlestick pattern below resistance at 1376.10, the May 2011 top, hinting a move lower is ahead. Negative RSI divergence reinforces the case for a downside scenario. Initial support lines up at 1358.60 and is reinforced by a rising channel bottom at 1352.20. A break below that exposes the 23.6% Fibonacci retracement at 1331.40.

SP_500_Chart_Setup_Calls_for_Losses_Hinting_US_Dollar_to_Recover_body_Picture_5.png, S&P 500 Chart Setup Calls for Losses, Hinting US Dollar to Recover

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices broke resistance at 105.61, the 123.6% Fibonacci extension, with the door now open to challenge the 138.2% level at 106.81. The 105.61 level has been recast as near-term support, with a reversal back below that exposing 103.66 once again.

SP_500_Chart_Setup_Calls_for_Losses_Hinting_US_Dollar_to_Recover_body_Picture_6.png, S&P 500 Chart Setup Calls for Losses, Hinting US Dollar to Recover

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices pushed higher after putting in a Bullish Engulfing candlestick pattern above support 1714.60, with buyers once again testing resistance at 1763.00. A break above this boundary exposes the November 8 high at 1802.80.

SP_500_Chart_Setup_Calls_for_Losses_Hinting_US_Dollar_to_Recover_body_Picture_7.png, S&P 500 Chart Setup Calls for Losses, Hinting US Dollar to Recover

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Unchanged from yesterday: “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.”

SP_500_Chart_Setup_Calls_for_Losses_Hinting_US_Dollar_to_Recover_body_Picture_8.png, S&P 500 Chart Setup Calls for Losses, Hinting US Dollar to Recover

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

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