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US Dollar Soars Toward 2011 Peak as S&P 500 Stalls Below 1400

US Dollar Soars Toward 2011 Peak as S&P 500 Stalls Below 1400

2012-03-15 02:55:00
Ilya Spivak, Head Strategist, APAC
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THE TAKEAWAY: US Dollar momentum continues to outpace the S&P 500, with the buck soaring toward its 2011 high while the benchmark stocks gauge languished below 1400.

S&P 500 – Unchanged from yesterday: “Prices appear to be carving out bearish Rising Wedge chart pattern (albeit a bit of an awkward-looking one). Negative RSI divergence bolsters the case for a brewing downward reversal. Initial support lines up at 1377.10, with a break below that exposing 1358.90. Near-term resistance stands at the 1400 figure, a psychological barrier reinforced by the Wedge top.”

US_Dollar_Soars_Toward_2011_Peak_as_SP_500_Stalls_Below_1400_body_Picture_5.png, US Dollar Soars Toward 2011 Peak as S&P 500 Stalls Below 1400

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL As we suspected, prices broke lower after putting in a Bearish Engulfing candlestick, with sellers taking out 23.6% Fibonacci retracement support at 106.50 to expose the 38.2% barrier at 104.38. The 106.50 level has been recast s near-term resistance.

US_Dollar_Soars_Toward_2011_Peak_as_SP_500_Stalls_Below_1400_body_Picture_6.png, US Dollar Soars Toward 2011 Peak as S&P 500 Stalls Below 1400

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD As we suspected, prices moved lower after putting in a bearish Dark Cloud Cover candlestick pattern below support-turned-resistance at 1719.76. Sellers are now testing 61.8% Fibonacci expansion support at 1637.93, with a break below that exposing the 76.4% level at 1619.32. Initial resistance is marked by the 50% and 38.2% Fibs at 1652.97 and 1668.01, respectively.

US_Dollar_Soars_Toward_2011_Peak_as_SP_500_Stalls_Below_1400_body_Picture_7.png, US Dollar Soars Toward 2011 Peak as S&P 500 Stalls Below 1400

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices are testing above the 61.8% Fibonacci expansion at 10072, with a break higher exposing the October 4 top at 10134 followed by the 76.4% expansion at 10166. The 50% Fib at 9995 remains as near-term support.

US_Dollar_Soars_Toward_2011_Peak_as_SP_500_Stalls_Below_1400_body_Picture_8.png, US Dollar Soars Toward 2011 Peak as S&P 500 Stalls Below 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

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