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S&P 500 Overturns Bearish Reversal, Breaks 2011 High to Target 1400

S&P 500 Overturns Bearish Reversal, Breaks 2011 High to Target 1400

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: Yesterday’s bearish S&P 500 setup turned out to be another head-fake, with prices reversing sharply higher to clear the 2011 high and expose the 1400 figure.

S&P 500 – Prices overturned yesterday’s downward breakout, neutralizing a Bearish Engulfing candlestick pattern and issuing a close above resistance at the 1376.10 marked by the 2011 yearly high. The bulls now aim to challenge the 1400 figure. Importantly, negative RSI divergence continues to warn of feeble upward momentum, warning a downward reversal is in the cards ahead.

SP_500_Overturns_Bearish_Reversal_Breaks_2011_High_to_Target_1400_body_Picture_5.png, S&P 500 Overturns Bearish Reversal, Breaks 2011 High to Target 1400

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices rebounded from support at 105.82, the 23.6% Fibonacci retracement level, but a bearish Three Outside Down candlestick continues to argue for a broadly bearish bias absent a daily close above the pattern’s high at 109.93. A break lower exposes the 38.2% Fib at 103.28.

SP_500_Overturns_Bearish_Reversal_Breaks_2011_High_to_Target_1400_body_Picture_6.png, S&P 500 Overturns Bearish Reversal, Breaks 2011 High to Target 1400

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices corrected gently higher from support at 1687.97, the 38.2% Fibonacci retracement to test resistance at the 23.6% level (1727.06). A daily close above this boundary exposes the December 2 high at 1763.00 anew. Alternatively, a break below immediate support exposes the 50% level at 1656.38.

SP_500_Overturns_Bearish_Reversal_Breaks_2011_High_to_Target_1400_body_Picture_7.png, S&P 500 Overturns Bearish Reversal, Breaks 2011 High to Target 1400

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices put in a Bullish Engulfing candlestick pattern above support at 9770, the 23.6% Fibonacci retracement, hinting a move higher is ahead. Initial resistance stands at 9831, the 38.2% retracement level. A daily close above this boundary targets the 50% Fib at 9881. Alternatively, a reversal back through immediate support exposes the 14.6% level at 9733.

SP_500_Overturns_Bearish_Reversal_Breaks_2011_High_to_Target_1400_body_Picture_8.png, S&P 500 Overturns Bearish Reversal, Breaks 2011 High to Target 1400

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 Ilya 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.

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