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S&P 500 Chart Setup Hints Rally to 2012 High May Be Ahead

S&P 500 Chart Setup Hints Rally to 2012 High May Be Ahead

2012-06-18 02:15:00
Ilya Spivak, Head Strategist, APAC
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THE TAKEAWAY: S&P 500 technical positioning hints prices may rise to retest the 2012 year-to-date high after setting a bottom just below the 1300 figure earlier this month.

S&P 500 – Prices appear to have completed a bullish inverse Head and Shoulders (H&S) pattern with a break above neckline resistance in the 1334.40-41.90 area. The bulls face the next near-barrier at 1357.40. Broadly speaking, the H&S setup implies a measured objective at 1419.90, conveniently at the year-to-date closing high. The 1334.40-41.90 region has been recast as support.

SP_500_Chart_Setup_Hints_Rally_to_2012_High_May_Be_Ahead_body_Picture_5.png, S&P 500 Chart Setup Hints Rally to 2012 High May Be Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices are edging higher after putting in a bullish Piercing Line candlestick pattern above support at 81.07, the 23.6% Fibonacci expansion. The bulls now aim to challenge the June 7 high at the 87.00 figure. The 14.6% Fib at 83.30 has been recast as near-term support.

SP_500_Chart_Setup_Hints_Rally_to_2012_High_May_Be_Ahead_body_Picture_6.png, S&P 500 Chart Setup Hints Rally to 2012 High May Be Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices are stalling after taking out a falling trend line set from early March. Near-term resistance remains at 1637.35, the 76.4%Fibonacci retracement, with a break above that exposing the May 1 high at 1671.49. The 61.8% Fib at 1616.23 has been recast as near-term support.

SP_500_Chart_Setup_Hints_Rally_to_2012_High_May_Be_Ahead_body_Picture_7.png, S&P 500 Chart Setup Hints Rally to 2012 High May Be Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices are testing support in the 10066-70 area marked by a confluence of the 50% Fibonacci retracement and the 38.2% expansion. A break lower exposes the 61.8% retracement at 10010. Near-term resistance is in the 10129-43 region, another Fib cluster bolstered by the proximity of a major swing high dating back to October 2011.

SP_500_Chart_Setup_Hints_Rally_to_2012_High_May_Be_Ahead_body_Picture_8.png, S&P 500 Chart Setup Hints Rally to 2012 High May Be Ahead

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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