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S&P 500 Moves Closer to Confirming Top, Dollar Nearing Key Resistance

S&P 500 Moves Closer to Confirming Top, Dollar Nearing Key Resistance

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The S&P 500 is on the verge of confirming a topping chart formation while the US Dollar is inching toward key resistance in place since early 2011.

S&P 500 – Unchanged from yesterday: “Prices appear to be carving out a Head and Shoulders top chart formation. Confirmation is required on a daily close below neckline support at 1392.10, which would expose a measured downside objective at 1359.30. Near-term resistance lines up at 1402.90, the 23.6% Fibonacci expansion level.”

SP_500_Moves_Closer_to_Confirming_Top_Dollar_Nearing_Key_Resistance_body_Picture_5.png, S&P 500 Moves Closer to Confirming Top, Dollar Nearing Key Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices recovered from support in the 101.19-101.28 area to retest former resistance in the 102.97-103.21 region. A break above this boundary exposes the 38.2% Fibonacci retracement at 104.75. Alternatively, a reversal through support targets a rising trend line set from mid-December now at 99.84

SP_500_Moves_Closer_to_Confirming_Top_Dollar_Nearing_Key_Resistance_body_Picture_6.png, S&P 500 Moves Closer to Confirming Top, Dollar Nearing Key Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices found interim support at 1615.46, the 50%Fibonacci expansion, rising toward near-term resistance at 1634.76 marked by the 38.2% level. A break above this boundary targets the 23.6% Fib at 1658.51. Alternatively, a breach of support targets the 61.8% expansion at 1596.16.

SP_500_Moves_Closer_to_Confirming_Top_Dollar_Nearing_Key_Resistance_body_Picture_7.png, S&P 500 Moves Closer to Confirming Top, Dollar Nearing Key Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices are inching higher to challenge the 10081-10134 area that has capped the greenback since mid-January 2011. The outer boundary of the region is reinforced by the 61.8% Fibonacci expansion at 10071. Near-term support lines up at 9996, the 38.2% Fib.

SP_500_Moves_Closer_to_Confirming_Top_Dollar_Nearing_Key_Resistance_body_Picture_8.png, S&P 500 Moves Closer to Confirming Top, Dollar Nearing Key Resistance

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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