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S&P 500 Rally Puts Key Resistance in Focus as US Dollar Tests Support

S&P 500 Rally Puts Key Resistance in Focus as US Dollar Tests Support

2012-07-02 02:40:00
Ilya Spivak, Head Strategist, APAC
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THE TAKEAWAY: Last week’s sharp rally has brought the S&P 500 to challenge critical resistance while the US Dollar revisits a familiar support level.

S&P 500 – Prices are testing resistance at 1363.90, with a break higher exposing the next upside barrier at 1392.10. Near-term support lines up in the 1334.40-41.90 area. A break below this barrier exposes the June 25 close at 1313.10.

SP_500_Rally_Puts_Key_Resistance_in_Focus_as_US_Dollar_Tests_Support_body_Picture_5.png, S&P 500 Rally Puts Key Resistance in Focus as US Dollar Tests Support

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices are testing resistance at 85.11, the 23.6% Fibonacci retracement, with a break higher exposing the 38.2% level at 89.97 (a barrier reinforced by the psychologically significant 90.00 figure). Near-term support lines up at 81.19, with a break below that exposing the June 21 close at 78.11.

SP_500_Rally_Puts_Key_Resistance_in_Focus_as_US_Dollar_Tests_Support_body_Picture_6.png, S&P 500 Rally Puts Key Resistance in Focus as US Dollar Tests Support

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices launched higher from support at 1551.50, the 61.8% Fibonacci expansion, to once again challenge the 1600/oz figure. A break above the 23.6% Fib at 1606.74 exposes falling trend line resistance at 1622.41. The 38.2% expansion at 1585.44 now marks near-term support.

SP_500_Rally_Puts_Key_Resistance_in_Focus_as_US_Dollar_Tests_Support_body_Picture_7.png, S&P 500 Rally Puts Key Resistance in Focus as US Dollar Tests Support

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices are testing familiar support in the 10032-81 region, with a break lower exposing a major rising trend line set from early August, now at 9932. Near-term resistance lines up at 10134, the October 4 2011 swing high.

SP_500_Rally_Puts_Key_Resistance_in_Focus_as_US_Dollar_Tests_Support_body_Picture_8.png, S&P 500 Rally Puts Key Resistance in Focus as US Dollar Tests Support

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

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