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S&P 500, US Dollar Stall at Familiar Levels Awaiting Direction Cues

S&P 500, US Dollar Stall at Familiar Levels Awaiting Direction Cues

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar and the S&P 500 have stalled at familiar technical barriers as markets wait for the emergence of the next driving catalyst for price action.

S&P 500 – Unchanged from yesterday: “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_US_Dollar_Stall_at_Familiar_Levels_Awaiting_Direction_Cues_body_Picture_5.png, S&P 500, US Dollar Stall at Familiar Levels Awaiting Direction Cues

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices dipped back below the 14.6%Fibonacci expansionat 83.30, exposing the 23.6% Fib at 81.07 as the next significant barrier. A daily close below that opens the door for a challenge of the 38.2% expansion at 77.36. The 83.30 has been recast as resistance once again with a break above that targeting the June 7 high at the 87.00 figure.

SP_500_US_Dollar_Stall_at_Familiar_Levels_Awaiting_Direction_Cues_body_Picture_6.png, S&P 500, US Dollar Stall at Familiar Levels Awaiting Direction Cues

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Unchanged from yesterday: “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_US_Dollar_Stall_at_Familiar_Levels_Awaiting_Direction_Cues_body_Picture_7.png, S&P 500, US Dollar Stall at Familiar Levels Awaiting Direction Cues

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Unchanged from yesterday: “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_US_Dollar_Stall_at_Familiar_Levels_Awaiting_Direction_Cues_body_Picture_8.png, S&P 500, US Dollar Stall at Familiar Levels Awaiting Direction Cues

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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