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S&P 500 Soars, US Dollar Sinks into Final Hours of the Trading Week

S&P 500 Soars, US Dollar Sinks into Final Hours of the Trading Week

2012-06-29 04:42:00
Ilya Spivak, Head Strategist, APAC
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THE TAKEAWAY: A sharp reversal in risk sentiment trends is seeing the US Dollar break lower as the S&P 500 soars into the end of the trading week.

S&P 500 – Prices are testing above resistance in the 1334.40-1341.90 area after bouncing from support above 1305.90, the 38.2% Fibonacci expansion. A break higher exposes 1363.90. Alternatively, a turn back through support targets the 1300 figure followed by the 50% Fib at 1288.10.

SP_500_Soars_US_Dollar_Sinks_into_Final_Hours_of_the_Trading_Week_body_Picture_5.png, S&P 500 Soars, US Dollar Sinks into Final Hours of the Trading Week

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices have shown little follow-through after completing a bullish Piercing Line candlestick pattern above support at 77.34, the 38.2%Fibonacci expansion, but the setup remains valid. Positive RSI divergence continues to reinforce the case for an upside scenario. Initial resistance lines up at 81.07, the 23.6% Fib, with a break higher exposing the June 7 high at the 87.00 figure. Alternatively, a push through support exposes the 50% Fib at 74.35.

SP_500_Soars_US_Dollar_Sinks_into_Final_Hours_of_the_Trading_Week_body_Picture_6.png, S&P 500 Soars, US Dollar Sinks into Final Hours of the Trading Week

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices snapped support at a rising trend line support set from the mid-May swing low, a barrier is reinforced by the 50% at 1568.46, to challenge the 61.8% level at 1551.50. Continued selling from here targets the 1522.50-32.45 region. The 1568.46 level has been recast as resistance.

SP_500_Soars_US_Dollar_Sinks_into_Final_Hours_of_the_Trading_Week_body_Picture_7.png, S&P 500 Soars, US Dollar Sinks into Final Hours of the Trading Week

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices are testing below resistance-turned-support at 10134, the October 4 2011 high, with sellers aiming to challenge 10081 from here. A break below that boundary exposes 10032. Near-term resistance lines up at 10172, the 14.6% Fibonacci expansion, with a reversal back above that clearing the way for a test of the 23.6% expansion at 10261.

SP_500_Soars_US_Dollar_Sinks_into_Final_Hours_of_the_Trading_Week_body_Picture_8.png, S&P 500 Soars, US Dollar Sinks into Final Hours of the Trading Week

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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