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S&P 500 Stalls Before 1400 Figure as US Dollar Tests Key Support

S&P 500 Stalls Before 1400 Figure as US Dollar Tests Key Support

2012-08-07 02:01:00
Ilya Spivak, Head Strategist, APAC
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THE TAKEAWAY: The S&P 500 stalled before resistance at the psychologically significant 1400 figure as the US Dollar flirts with trend-defining support.

S&P 500 – Prices are testing the 1400 figure after taking out resistance at a falling trend line set from late March and a horizontal barrier at 1392.10. A break higher from here exposes channel top resistance now at 1412.50. The 1392.10 level has been recast as near-term support, reinforced by the trend line now at 1386.60.

SP_500_Stalls_Before_1400_Figure_as_US_Dollar_Tests_Key_Support_body_Picture_5.png, S&P 500 Stalls Before 1400 Figure as US Dollar Tests Key Support

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices broke above resistance at 90.88, the 14.6% Fibonacci retracement, with buyers now aiming to challenge the July 19 high at 93.21. The 90.88level has been recast as support, with a push back below that exposing the 23.6% Fib at 89.45.

SP_500_Stalls_Before_1400_Figure_as_US_Dollar_Tests_Key_Support_body_Picture_6.png, S&P 500 Stalls Before 1400 Figure as US Dollar Tests Key Support

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices are edging higher after putting in a Bullish Engulfing candlestick pattern above rising trend line support set from late June. Near-term resistance lines up in the 1620.45-35.70 congestion area. An advance beyond that initially exposes 1671.49. Trend line supports line up at 1587.56 and 1571.28.

SP_500_Stalls_Before_1400_Figure_as_US_Dollar_Tests_Key_Support_body_Picture_7.png, S&P 500 Stalls Before 1400 Figure as US Dollar Tests Key Support

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices put in an Inverted Hammer candlestick above support at a major rising trend line established from late July 2011, hinting a bounce may be ahead. Initial resistance lines up at 10041, with a push beyond that targeting the midline of a falling channel carved out over the past two months, now at 10077. Alternatively, a break below support initially exposes 9924.

SP_500_Stalls_Before_1400_Figure_as_US_Dollar_Tests_Key_Support_body_Picture_8.png, S&P 500 Stalls Before 1400 Figure as US Dollar Tests Key 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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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