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S&P 500 Stalls Near Key 2012 Turning Points, US Dollar Probing Higher

S&P 500 Stalls Near Key 2012 Turning Points, US Dollar Probing Higher

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The S&P 500 has stalled at resistance marked by major swing highs from March and May while the US Dollar is probing cautiously higher.

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_Stalls_Near_Key_2012_Turning_Points_US_Dollar_Probing_Higher_body_Picture_5.png, S&P 500 Stalls Near Key 2012 Turning Points, US Dollar Probing Higher

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices broke resistance at 95.41, the February 2 low, opening the door for a challenge of the 61.8% Fibonacci retracement at 97.82. A break above that exposes the psychologically significant $100/barrel figure. The 95.41 level has been recast as support, with a drop back below that targeting the 50% Fib at 93.90.

SP_500_Stalls_Near_Key_2012_Turning_Points_US_Dollar_Probing_Higher_body_Picture_6.png, S&P 500 Stalls Near Key 2012 Turning Points, US Dollar Probing 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 1599.67. A break below this boundary exposes a longer-term trend line established from the May 16 bottom, currently at 1578.22. Alternatively, a push above resistance initially targets the major trend set from the April 23 2011 peak, now at 1666.52.

SP_500_Stalls_Near_Key_2012_Turning_Points_US_Dollar_Probing_Higher_body_Picture_7.png, S&P 500 Stalls Near Key 2012 Turning Points, US Dollar Probing Higher

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices are testing resistance at 10073, the confluence of a falling trend line set from the July 12 high and the midline of a falling channel carved out over the past three months. A break higher exposes the 10139-69 area. Support is at 10041, with a break below targeting long-term rising trend line support at 10010.

SP_500_Stalls_Near_Key_2012_Turning_Points_US_Dollar_Probing_Higher_body_Picture_8.png, S&P 500 Stalls Near Key 2012 Turning Points, US Dollar Probing 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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