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Dollar Chart Setup Warns of Pullback, S&P 500 Eyes February Top

Dollar Chart Setup Warns of Pullback, S&P 500 Eyes February Top

2013-03-05 02:53:00
Ilya Spivak, Head Strategist, APAC
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THE TAKEAWAY: The US Dollar appears vulnerable to a correction lower from technical resistance while the S&P 500 has rebounded to retest February’s swing high.

US DOLLAR TECHNICAL ANALYSIS Prices put in a Shooting Star candlestick below resistance marked by the intersection of a rising channel top (now at 10522) and the 76.4% Fibonacci expansion (10504), hinting at a pullback ahead. Channel support is now at 10415, with a move below that initially exposing the 61.8% Fib at 10359. Alternatively, a break higher broadly exposes the 100% level at 10741.

Forex_Dollar_Chart_Setup_Warns_of_Pullback_SP_500_Eyes_February_Top_body_Picture_5.png, Dollar Chart Setup Warns of Pullback, S&P 500 Eyes February Top

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices are pushing higher to retest resistance at 1531.60, the February 20 swing high and top of a Bearish Engulfing candlestick pattern. A break above this barrier exposes trend line support-turned-resistance at 1539.80. Near-term support is at 1486.90, the 23.6% Fibonacci retracement.

Forex_Dollar_Chart_Setup_Warns_of_Pullback_SP_500_Eyes_February_Top_body_Picture_6.png, Dollar Chart Setup Warns of Pullback, S&P 500 Eyes February Top

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices are testing support at 1570.37, the 38.2% Fibonacci expansion. Near-term resistance is at 1589.36, the 23.6% level, with a break above that aiming for the February 26 high at 1620.09. Alternatively, a break downward initially aims for the 61.8% Fib at 1554.62.

Forex_Dollar_Chart_Setup_Warns_of_Pullback_SP_500_Eyes_February_Top_body_Picture_7.png, Dollar Chart Setup Warns of Pullback, S&P 500 Eyes February Top

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices broke support at 91.13, the 50% Fibonacci retracement, exposing the 61.8% level at 89.45. A further push beneath that aims for the 76.4% Fib at 87.38. The 91.13 level has been recast as near-term resistance, with a reversal back above that targeting the 38.2 % Fib at 92.80.

Forex_Dollar_Chart_Setup_Warns_of_Pullback_SP_500_Eyes_February_Top_body_Picture_8.png, Dollar Chart Setup Warns of Pullback, S&P 500 Eyes February Top

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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