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S&P 500 Meets Key Resistance as US Dollar Attemps to Grind Higher

S&P 500 Meets Key Resistance as US Dollar Attemps to Grind Higher

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The S&P 500 has drifted higher to meet key resistance marked by the March and May swing highs while the US Dollar is attempting to find fuel for a sustained advance.

S&P 500 – Prices are resting resistance in the 1415.10-24.90 area marked by the March and May swing tops. A push higher beyond that targets 1440.20, the May 20 2008 high. Initial support remains at 1392.10, with a break below that exposing a minor downside barrier at 1376.10 and a more significant one at 1363.90.

SP_500_Meets_Key_Resistance_as_US_Dollar_Attemps_to_Grind_Higher_body_Picture_5.png, S&P 500 Meets Key Resistance as US Dollar Attemps to Grind Higher

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices continued higher as expected after taking out resistance at 93.90, the 50% Fibonacci retracement, with buyers now testing the February 2 swing low at 95.41. A breach of this boundary clears the way for a challenge of the 61.8% Fib at 97.82. The 93.90 has been recast support, with a reversal back below that aiming for the July 19 close at 92.51.

SP_500_Meets_Key_Resistance_as_US_Dollar_Attemps_to_Grind_Higher_body_Picture_6.png, S&P 500 Meets Key Resistance as US Dollar Attemps to Grind Higher

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices continue to drift below resistance in the 1620.45-35.70 congestion area. Near-term support remains at a rising trend line support set from late June, now at 1598.30. A break below this boundary exposes a longer-term trend line established from the May 16 bottom, currently at 1577.26. Alternatively, a push above resistance initially targets 1677.79, the May 1 swing high.

SP_500_Meets_Key_Resistance_as_US_Dollar_Attemps_to_Grind_Higher_body_Picture_7.png, S&P 500 Meets Key Resistance as US Dollar Attemps to Grind Higher

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices are testing the 10041-75 resistance cluster marked by the range bottom dating from mid-June, the midline of a falling channel set from late May, and a falling trend line established from the July 12 swing high. A break above this boundary would mark the first step toward neutralizing the near-term downside pressure, initially exposing the 100139-69 congestion region. Long-term rising trend line support is now at 10007, with a break below that aiming for the channel bottom at 9975.

SP_500_Meets_Key_Resistance_as_US_Dollar_Attemps_to_Grind_Higher_body_Picture_8.png, S&P 500 Meets Key Resistance as US Dollar Attemps to Grind Higher

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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