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US Dollar and S&P 500 Continue to Advance in Tandem

US Dollar and S&P 500 Continue to Advance in Tandem

2013-02-12 04:18:00
Ilya Spivak, Head Strategist, APAC
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THE TAKEAWAY: The US Dollar and the S&P 500 continue to push higher, with the greenback testing its 2012 high while the equity index trades at levels unseen since 2007.

US DOLLAR TECHNICAL ANALYSIS Prices are testing resistance in the 10323-26 area, marked by the 123.6% Fibonacci expansion and the 2012 yearly high. A break above this barrier initially exposes the 138.2% level at 10374. Near-term support is at 10248, the 100% Fib.

Forex_US_Dollar_and_SP_500_Continue_to_Advance_in_Tandem_body_Picture_5.png, US Dollar and S&P 500 Continue to Advance in Tandem

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices broke above resistance at 1513.20, the 114.6% Fibonacci expansion. Buyers now aim to challenge the 123.6% level at 1523.00, with a break above that targeting the 138.2% mark at 1538.70 (now shown). The 1513.20 level has been recast as near-term support. A reversal back below that initially exposes the 100% Fib at 1497.50.

Forex_US_Dollar_and_SP_500_Continue_to_Advance_in_Tandem_body_Picture_6.png, US Dollar and S&P 500 Continue to Advance in Tandem

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices broke critical rising trend line support set from mid-May 2012. Sellers are now testing below that 38.2% Fibonacci expansion (1648.20), with a confirmed break exposing the 50% mark at 1633.06. The trend line – now at 1659.90 – has been recast as near-term resistance.

Forex_US_Dollar_and_SP_500_Continue_to_Advance_in_Tandem_body_Picture_7.png, US Dollar and S&P 500 Continue to Advance in Tandem

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices broke lower as expected, taking out the bottom of a Rising Wedge chart formation, after putting in a bearish Dark Cloud Cover candlestick pattern. Initial support remains at 95.14, the 23.6% Fibonacci retracement. That level also looks to be lining up as the neckline to a would-be Head and Shoulders top. A break lower confirmed on a daily closing basis initially exposes the 38.2% level at 93.24 but the H&S setup implies a measured target at 92.07. Near-term resistance at 98.21, marked by the January 30 high.

Forex_US_Dollar_and_SP_500_Continue_to_Advance_in_Tandem_body_Picture_8.png, US Dollar and S&P 500 Continue to Advance in Tandem

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

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