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S&P 500 Chart Setup Hints at Bounce as US Dollar Pullback Looms

S&P 500 Chart Setup Hints at Bounce as US Dollar Pullback Looms

2012-06-05 08:23:00
Ilya Spivak, Head Strategist, APAC
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THE TAKEAWAY: S&P 500 technical positioning is hinting at a corrective upswing ahead while the US Dollar chart setup continues to warn of a pullback in the days ahead.

S&P 500 – Prices are testing support at 1273.40, the 50% Fibonacci expansion. A break below this level exposes the 61.8% Fib at 1258.70. Near-term resistance lines up in the 1288.00-1292.90 areamarked by the October 27 high and the 38.2% Fibonacci expansion. Positive RSI divergence warns of a possible upswing ahead.

SP_500_Chart_Setup_Hints_at_Bounce_as_US_Dollar_Pullback_Looms_body_Picture_5.png, S&P 500 Chart Setup Hints at Bounce as US Dollar Pullback Looms

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices put in a Hammer candlestick above support at 83.34, the 76.4% Fibonacci retracement, hinting an upswing is ahead. Highly oversold RSI studies reinforce the risk of a rebound. Initial resistance lines up in the 90.14-88.54 area, marked by the early September swing top and the 61.8% Fib. Alternatively, a break lower initially exposes 80.16.

SP_500_Chart_Setup_Hints_at_Bounce_as_US_Dollar_Pullback_Looms_body_Picture_6.png, S&P 500 Chart Setup Hints at Bounce as US Dollar Pullback Looms

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices are testing resistance at a falling trend line set from early March, now at 1628.65. The barrier is reinforced by the 76.4% Fibonacci retracement at 1637.35, with a break higher exposing the May 1 high at 1671.49. Near-term support lines up at 1616.23, the 61.8% Fib, with a break below that opening the door for a test of the 1600/oz figure.

SP_500_Chart_Setup_Hints_at_Bounce_as_US_Dollar_Pullback_Looms_body_Picture_7.png, S&P 500 Chart Setup Hints at Bounce as US Dollar Pullback Looms

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Unchanged from yesterday: “Prices are showing a Shooting Star candlestick below resistance at 10316, the 76.4%Fibonacci expansion, coupled with negative RSI divergence. The setup hints a pullback may be ahead. Initial support lines up at 10220, the 61.8% level, with a break below that exposing the 10134-43 area.”

SP_500_Chart_Setup_Hints_at_Bounce_as_US_Dollar_Pullback_Looms_body_Picture_8.png, S&P 500 Chart Setup Hints at Bounce as US Dollar Pullback Looms

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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