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S&P 500 Sinks Toward 1300 Figure as US Dollar Probes Higher

S&P 500 Sinks Toward 1300 Figure as US Dollar Probes Higher

2012-05-18 04:47:00
Ilya Spivak, Head Strategist, APAC
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THE TAKEAWAY: The S&P 500 cleared key support and sellers now aim below the 1300 figure while the US Dollar attempts to extend its breakneck rally to new seven-month highs.

S&P 500 – Prices took out support at 1313.00, the 50% Fibonacci retracement level, with sellers now aiming past the 1300 figure for the 61.8% boundary at 1286.60. The 1313.00 mark has been recast as near-term resistance.

SP_500_Sinks_Toward_1300_Figure_as_US_Dollar_Probes_Higher_body_Picture_5.png, S&P 500 Sinks Toward 1300 Figure as US Dollar Probes Higher

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices put in back-to-back Spinning Top candlesticks above support at 92.51, the December 16 low, pointing to indecision and hinting a bounce may materialize. Initial resistance lines up at 95.41, the February 2 session low. Alternatively, renewed selling through support exposes 90.49.

SP_500_Sinks_Toward_1300_Figure_as_US_Dollar_Probes_Higher_body_Picture_6.png, S&P 500 Sinks Toward 1300 Figure as US Dollar Probes Higher

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD As we suspected yesterday, prices recovered after putting in a Spinning Top candlestick above support in the 1532.45-1522.50 area, marked by the September 26 and December 29 spike lows. Buyers cleared the 23.6% Fibonacci retracement at 1560.98 to challenge the 38.2% level at 1582.10, with a break above that exposing the 1600/oz figure and 1616.23. The 1560.98 has been recast as near-term support.

SP_500_Sinks_Toward_1300_Figure_as_US_Dollar_Probes_Higher_body_Picture_7.png, S&P 500 Sinks Toward 1300 Figure as US Dollar Probes Higher

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices are testing resistance at 10141, the 76.4% Fibonacci expansion, a level reinforced by a seven-month high and 2011 peak at 10134. A break above these barriers exposes the 100% level at 10241. Near-term support is at 10078, the 61.8% expansion.

SP_500_Sinks_Toward_1300_Figure_as_US_Dollar_Probes_Higher_body_Picture_8.png, S&P 500 Sinks Toward 1300 Figure as US Dollar Probes Higher

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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