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S&P 500 Testing Range Resistance, US Dollar at Monthly Support

S&P 500 Testing Range Resistance, US Dollar at Monthly Support

2012-04-26 03:03:00
Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The S&P 500 is probing above its recent range top, with a confirmed break higher exposing the 1400 figure. The US Dollar is revisiting familiar monthly support.

S&P 500 – Prices are testing range resistance at 1392.10-20 marked by the former neckline of a Head and Shoulders pattern and the 50% Fibonacci retracement. A break above here exposes the 61.8% retracement at 1399.10, a barrier sitting within a hair of the psychologically significant 1400 figure. Near-term support is at 1383.20, the 38.2% Fib.

SP_500_Testing_Range_Resistance_US_Dollar_at_Monthly_Support_body_Picture_5.png, S&P 500 Testing Range Resistance, US Dollar at Monthly Support

8hr Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices are testing minor falling trend line resistance at 104.20. A break above this boundary exposes rising channel resistance at 106.12, a barrier reinforced by a downward-sloping trend line set from late February now at 106.27. Near-term channel support is currently at 103.06.

SP_500_Testing_Range_Resistance_US_Dollar_at_Monthly_Support_body_Picture_6.png, S&P 500 Testing Range Resistance, US Dollar at Monthly Support

8hr 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. Falling channel top resistance is now at 1661.66.

SP_500_Testing_Range_Resistance_US_Dollar_at_Monthly_Support_body_Picture_7.png, S&P 500 Testing Range Resistance, US Dollar at Monthly Support

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices are testing support at 9906, with a break lower exposing the 9870-9882 area. Near-term resistance lines up at 9934 at a falling trend line set from the April 5 high, with a break above that exposing a longer-term downward-sloping barrier now squarely at the 10,000 figure.

SP_500_Testing_Range_Resistance_US_Dollar_at_Monthly_Support_body_Picture_8.png, S&P 500 Testing Range Resistance, US Dollar at Monthly Support

8hr 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

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