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S&P 500 Turns Lower, US Dollar Launches Recovery from Key Levels

S&P 500 Turns Lower, US Dollar Launches Recovery from Key Levels

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The S&P 500 and US Dollar may be ready to resume trends established since early 2012 after prices recoiled from bias-defining technical levels.

S&P 500 – Prices pulled back from resistance at 1392.10, a horizontal barrier reinforced by a falling trend line set from late March, to take out initial support at 1376.10. Prices now aim to target 1358.40, with a break below that exposing the 1334.40-41.90 area. The 1376.10 level has been recast as resistance, with a reversal back to the upside exposing 1392.10 anew.

SP_500_Turns_Lower_US_Dollar_Launches_Recovery_from_Key_Levels_body_Picture_5.png, S&P 500 Turns Lower, US Dollar Launches Recovery from Key Levels

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices are testing support in the 87.65-88.32 area, marked by the July 3 closing high and the 14.6% Fibonacci expansion, with a break lower exposing the 23.6% level at 85.37. Near-term resistance stands at the 90.00 figure, with a push above that targeting the July 19 high at 93.21.

SP_500_Turns_Lower_US_Dollar_Launches_Recovery_from_Key_Levels_body_Picture_6.png, S&P 500 Turns Lower, US Dollar Launches Recovery from Key Levels

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices moved lower after putting in a bearish Evening Star candlestick pattern at resistance in the 1620.45-35.70 area. Sellers are now retesting falling trend line resistance set from late March, currently at 1594.56. A break lower initially exposes at 1568.40.

SP_500_Turns_Lower_US_Dollar_Launches_Recovery_from_Key_Levels_body_Picture_7.png, S&P 500 Turns Lower, US Dollar Launches Recovery from Key Levels

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices rebounded from major rising trend line support to break back above near-term resistance at 10041. Buyers now aim to challenge Andrew’s pitchfork midline resistance at 10096, with a break above that exposing 10717. The 10041 level and the trend line (now at the 10,000 figure) mark near-term support.

SP_500_Turns_Lower_US_Dollar_Launches_Recovery_from_Key_Levels_body_Picture_8.png, S&P 500 Turns Lower, US Dollar Launches Recovery from Key Levels

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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