News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
S&P 500 Sinks Toward 1300 Figure as US Dollar Probes Higher

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

Ilya Spivak, Head Strategist, APAC

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.

DISCLOSURES