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S&P 500 Sinks But a Larger Reversal Remains Unconfirmed for Now

S&P 500 Sinks But a Larger Reversal Remains Unconfirmed for Now

2012-06-22 06:43:00
Ilya Spivak, Head Strategist, APAC
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THE TAKEAWAY: The S&P 500 turned sharply lower, erasing gains from the preceding four days, but an overall bullish chart structure has yet to be fully neutralized.

S&P 500 – Prices reversed sharply lower from resistance at 1363.90 and are now retesting the neckline of an inverse Head and Shoulders pattern at a falling trend line set from early May. The overall H&S setup remains intact for now, with a break below the trend line (now at 1328.10) needed to neutralize bullish cues. Such an outcome would initially expose the 38.2% Fibonacci expansion at 1305.90. Near-term resistance lines up in the 1334.40-41.90 area.

SP_500_Sinks_But_a_Larger_Reversal_Remains_Unconfirmed_for_Now_body_Picture_5.png, S&P 500 Sinks But a Larger Reversal Remains Unconfirmed for Now

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices b broke below the 23.6% Fibonacci expansionat 81.07, exposing the 38.2% level at 77.34. Continued selling through this boundary targets the 50% expansion at 74.40. The 23.6% Fib has been recast as near-term resistance.

SP_500_Sinks_But_a_Larger_Reversal_Remains_Unconfirmed_for_Now_body_Picture_6.png, S&P 500 Sinks But a Larger Reversal Remains Unconfirmed for Now

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices took out the 1600/oz figure and 38.2% Fibonacci retracement at 1582.10 to challenge interim support at 1554.73. A break below this boundary exposes the 1522.50-32.45 area. The 1582.10 boundary has been recast as near-term resistance.

SP_500_Sinks_But_a_Larger_Reversal_Remains_Unconfirmed_for_Now_body_Picture_7.png, S&P 500 Sinks But a Larger Reversal Remains Unconfirmed for Now

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices bounced from support at 10032 and launched higher, taking out resistance at 10144 marked by the 23.6% Fibonacci expansion. Buyers now target the 38.2% Fib at 10218. The 23.6% level has been recast as interim support.

SP_500_Sinks_But_a_Larger_Reversal_Remains_Unconfirmed_for_Now_body_Picture_8.png, S&P 500 Sinks But a Larger Reversal Remains Unconfirmed for Now

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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