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S&P 500 Recoils from Resistance as Selling Pressure Swells Anew

S&P 500 Recoils from Resistance as Selling Pressure Swells Anew

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The S&P 500 appears to be rebuilding downward momentum once again after prices recoiled from key resistance capping gains since late March.

S&P 500 – Prices dropped to test 1358.40 as expected after clearing the 1376.10 level. A daily close below support exposes the 1334.40-41.90 area.The 1376.10 level has been recast as resistance, with a reversal back to the upside targeting a falling trend line set from late March, now at 1387.50. The 1392.10 level follows closely after that.

SP_500_Recoils_from_Key_Resistance_Rebuilds_Downside_Momentum_body_Picture_5.png, S&P 500 Recoils from Resistance as Selling Pressure Swells Anew

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices narrowly edged through support in the 87.65-88.32 area, marked by the July 3 closing high and the 14.6% Fibonacci expansion, exposing the 23.6% level at 85.37 as the next downside objective. A break below that exposes 83.63. The 87.65-88.32 area has been recast as resistance, with a turn back above it initially targeting the 90.00 figure.

SP_500_Recoils_from_Key_Resistance_Rebuilds_Downside_Momentum_body_Picture_6.png, S&P 500 Recoils from Resistance as Selling Pressure Swells Anew

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices followed the formation of a bearish Evening Star candlestick pattern with a break through falling trend line resistance-turned-support set from late March, exposing the next downside barrier at 1569.72. A break through that targets the 1522.50-32.45 anew. Near-term resistance is at the 1600/oz figure.

SP_500_Recoils_from_Key_Resistance_Rebuilds_Downside_Momentum_body_Picture_7.png, S&P 500 Recoils from Resistance as Selling Pressure Swells Anew

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices are testing resistance at 10077, with a confirmed break higher exposing the next barrier 10139 marked by a horizontal barrier and the top of a falling channel set from the July 12 high. Near-term support is at 10041, reinforced by a rising trend line set from late October 2011, now at 10011.

SP_500_Recoils_from_Key_Resistance_Rebuilds_Downside_Momentum_body_Picture_8.png, S&P 500 Recoils from Resistance as Selling Pressure Swells Anew

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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