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S&P 500 Breaks Range Top, US Dollar Losses Grip on Support

S&P 500 Breaks Range Top, US Dollar Losses Grip on Support

2012-04-27 05:00:00
Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The S&P 500 took out the top of the range that contained prices for the past two weeks while the US Dollar slipped below support in place from late March.

S&P 500 – Prices took out resistance at 1391.10-20 marked by the recent range top and the 50% Fibonacci retracement level. Bulls are now testing the 61.8% level at 1399.10, with a break above exposing the April 2 closing high at 1416.10. The 1391.10-20 area has been recast as near-term support.

SP_500_Breaks_Range_Top_US_Dollar_Losses_Grip_on_Support_body_Picture_5.png, S&P 500 Breaks Range Top, US Dollar Losses Grip on Support

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices are showing a Shooting Star candlestick below resistance at 104.90, a former support level reinforced by the top of a falling channel set from early March. The setup warns of bullish exhaustion and hints a turn lower maybe ahead. Initial rising trend line support is now at 101.98.

SP_500_Breaks_Range_Top_US_Dollar_Losses_Grip_on_Support_body_Picture_6.png, S&P 500 Breaks Range Top, US Dollar Losses Grip on Support

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices the top of a falling channel set from early March now at 1660.60, with a break higher exposing 1680.35. Support lines up at 1638.02, the 23.6% Fibonacci expansion. Absent a daily close above the channel top, the overall trend remains bearish.

SP_500_Breaks_Range_Top_US_Dollar_Losses_Grip_on_Support_body_Picture_7.png, S&P 500 Breaks Range Top, US Dollar Losses Grip on Support

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices took out support at 9906 to test the next downside barrier at 9879. Continued selling through this barrier exposes 9832. The 9906 level has been recast as near-term resistance, with a push back above seeing trend line resistance now at 9926.

SP_500_Breaks_Range_Top_US_Dollar_Losses_Grip_on_Support_body_Picture_8.png, S&P 500 Breaks Range Top, US Dollar Losses Grip on Support

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

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