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S&P 500 Chart Setup Hints Move Lower Brewing, Dollar at Standstill

S&P 500 Chart Setup Hints Move Lower Brewing, Dollar at Standstill

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: S&P 500 technical positioning hints prices may be preparing to launch another push lower while the US Dollar is waiting for follow-through on a bullish setup.

S&P 500 – Prices appear to be forming an ascending Triangle chart pattern with resistance marked by the 50% Fibonacci retracement at 1391.20 and support at a rising trend line set from the April 10 low. The setup is classically associated with bullish continuation, but that is difficult here considering “continuation” would imply a bearish bias. Confirmation is needed on a breakout from the Triangle to establish its implications. Support lines up at 1373.30 and is reinforced by the 23.6% retracement, with a break lower targeting the 4/10 low at 1357.40 and a measured objective at 1339.50. Taking out the Triangle top would initially expose the 1400 figure.

SP_500_Chart_Setup_Hints_Move_Lower_Brewing_Dollar_at_Standstill_body_Picture_5.png, S&P 500 Chart Setup Hints Move Lower Brewing, Dollar at Standstill

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices remain wedged between resistance at 104.90 and a rising trend line support set from mid-December, with a Bullish Engulfing candlestick pattern arguing for an upside bias. A break above 104.90 exposes falling trend line barriers at 105.28 and 106.49. Support is now at 101.51.

SP_500_Chart_Setup_Hints_Move_Lower_Brewing_Dollar_at_Standstill_body_Picture_6.png, S&P 500 Chart Setup Hints Move Lower Brewing, Dollar at Standstill

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices are testing support at 1638.02, the 23.6% Fibonacci expansion, after putting in a Bearish Engulfing candlestick pattern below falling trend line resistance set from early March. A break lower exposes the 38.2% level at 1612.02. However, a Doji candlestick warns of indecision and opens the possibility of a bounce. Trend line resistance is now at 1668.21.

SP_500_Chart_Setup_Hints_Move_Lower_Brewing_Dollar_at_Standstill_body_Picture_7.png, S&P 500 Chart Setup Hints Move Lower Brewing, Dollar at Standstill

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices put in a bullish Piercing Line candlestick pattern above rising trend line support set from early February, hinting a move higher is ahead. Follow-through has been lacking however, with the greenback adrift for the past three sessions. Initial resistance stands at 9996, the 50% Fibonacci expansion level. Trend line support is now at 9928.

SP_500_Chart_Setup_Hints_Move_Lower_Brewing_Dollar_at_Standstill_body_Picture_8.png, S&P 500 Chart Setup Hints Move Lower Brewing, Dollar at Standstill

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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