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S&P 500 Aims at 2011 High Again, Dollar Forms Worrying Candle Pattern

S&P 500 Aims at 2011 High Again, Dollar Forms Worrying Candle Pattern

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The S&P 500 looks poised to test the 2011 yearly high again while the US Dollar has carved out a bearish candlestick pattern warning of possible reversal.

S&P 500 – Prices continued to recover after funding support just above 1337.30, the 23.6% Fibonacci retracement level. A break above former support at 1358.60 exposes the next upside barrier at 1376.10, the confluence of the May 2011 high and the underside of a rising channel now acting as resistance. The 1358.60 level has been recast as interim support.

SP_500_Aims_at_2011_High_Again_Dollar_Forms_Worrying_Candle_Pattern_body_Picture_5.png, S&P 500 Aims at 2011 High Again, Dollar Forms Worrying Candle Pattern

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices continued higher after finding support at 104.38, the 38.2% Fibonacci retracement, with a break above the 23.6% level at 106.50. The bulls now aim to retest a formerly broken rising trend line set from the February 2 low, now at 108.30. The 23.6% Fib has been recast as near-term support.

SP_500_Aims_at_2011_High_Again_Dollar_Forms_Worrying_Candle_Pattern_body_Picture_6.png, S&P 500 Aims at 2011 High Again, Dollar Forms Worrying Candle Pattern

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices are recovering from support in the 1662.10-167.05 region, with the bulls aiming to challenge 1719.76 from here. A break above this boundary exposes the December 2 high at 1763.00. Alternatively, a break lower initially exposes 1641.62, the December 21 wick high.

SP_500_Aims_at_2011_High_Again_Dollar_Forms_Worrying_Candle_Pattern_body_Picture_7.png, S&P 500 Aims at 2011 High Again, Dollar Forms Worrying Candle Pattern

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices put in a bearish Evening Star candlestick pattern below falling trend line resistance set from the mid-December swing high, warning of a possible reversal lower. Near-term support lines up at 9881, the confluence of a steeper trend line established the same mid-December peak broken three days ago and the 23.6% Fibonacci retracement level. A break downward exposes the 38.2% Fib at 9841. Trend line resistance is now at 9937.

SP_500_Aims_at_2011_High_Again_Dollar_Forms_Worrying_Candle_Pattern_body_Picture_8.png, S&P 500 Aims at 2011 High Again, Dollar Forms Worrying Candle Pattern

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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