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S&P 500 Turned Lower at Resistance as US Dollar Rebounds

S&P 500 Turned Lower at Resistance as US Dollar Rebounds

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The S&P 500 rebound launched mid-week has been cut short at technical resistance while the US Dollar is launching higher anew from key support.

S&P 500 – Prices are reversing lower after putting in a bearish Shooting Star candlestick below support-turned-resistance at a falling trend line set from mid-April. Initial support lines up at 1292.90, with a break below that exposing 1265.30. Trend line resistance is now at 1330.60.

SP_500_Turned_Lower_at_Resistance_as_US_Dollar_Rebounds_body_Picture_5.png, S&P 500 Turned Lower at Resistance as US Dollar Rebounds

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices are pushing lower after putting in a Bearish Engulfing candlestick pattern below resistance at 87.15, the 23.6% Fibonacci retracement. Sellers are probing through initial support at 83.31, the 14.6% Fib expansion, with a break below that exposing the 23.6% boundary at 81.05. The 87.15 level remains as near-term resistance for the time being.

SP_500_Turned_Lower_at_Resistance_as_US_Dollar_Rebounds_body_Picture_6.png, S&P 500 Turned Lower at Resistance as US Dollar Rebounds

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices are pushing lower after putting in a Shooting Star candlestick below resistance at falling trend line resistance set from early March, a barrier reinforced by the 76.4% Fibonacci retracement at 1637.35. Sellers are now probing below support at 1582.10, the 38.2% Fib to challenge the 23.6% level at 1560.98. A break of the latter boundary exposes the multi-month bottom in the 1522.50-1532.45 area. Near-term resistance lines up at the 1600/oz figure.

SP_500_Turned_Lower_at_Resistance_as_US_Dollar_Rebounds_body_Picture_7.png, S&P 500 Turned Lower at Resistance as US Dollar Rebounds

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices are rebounding from support in the 10134-43 area to probe back above 10220, the 61.8% Fibonacci expansion level, with a break higher exposing the 76.4%level at 10316. Alternatively, a reversal through support opens the door for a challenge of the 38.2% Fib at 10066.

SP_500_Turned_Lower_at_Resistance_as_US_Dollar_Rebounds_body_Picture_8.png, S&P 500 Turned Lower at Resistance as US Dollar Rebounds

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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