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US Dollar Soars as S&P 500 Stalls Below Chart Resistance

US Dollar Soars as S&P 500 Stalls Below Chart Resistance

2013-05-10 02:42:00
Ilya Spivak, Head Strategist, APAC
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THE TAKEAWAY: The US Dollar raced upward to produce what appears to be a meaningful topside breakout while the S&P 500 has stalled at chart resistance, hinting at a pullback.

US DOLLAR TECHNICAL ANALYSIS Prices broke above resistance at the top of a rising channel set from early March, exposing the 123.6% Fibonacci expansion at 10640. A further push above that targets the 138.2% mark at 10668. The channel top – now at 10590 – has been recast as near-term support.

Forex_US_Dollar_Soars_as_SP_500_Stalls_Below_Chart_Resistance_body_Picture_5.png, US Dollar Soars as S&P 500 Stalls Below Chart Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices put in a Harami candlestick pattern below resistance at 1633.20, the 38.2% Fibonacci expansion, hinting a move lower may be ahead. Near-term support is marked by the psychologically significant 1600 figure and the 23.6% level at 1595.90. A break below that initially exposes the 14.6% Fib at 1572.90. Alternatively, a reversal above resistance eyes the 50% expansion at 1663.30.

Forex_US_Dollar_Soars_as_SP_500_Stalls_Below_Chart_Resistance_body_Picture_6.png, US Dollar Soars as S&P 500 Stalls Below Chart Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices continue to consolidate below resistance at 1487.65, the 61.8% Fibonacci expansion. A break above that initially exposes the 76.4% level at 1526.88. Near-term support is at 1448.77, the 14.6% Fib expansion, with a reversal beneath that aiming for the 23.6% mark at 1424.59.

Forex_US_Dollar_Soars_as_SP_500_Stalls_Below_Chart_Resistance_body_Picture_7.png, US Dollar Soars as S&P 500 Stalls Below Chart Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices are testing resistance at the 97.00 figure, marked by the 76.4% Fibonacci expansion and a falling trend line set from early January, with a Harami candlestick pattern hinting a turn lower may be ahead. Near-term support is at 94.39, the 23.6% Fib retracement, with a drop beneath that eyeing the 38.2% mark at 92.71. Alternatively, a push above resistance exposes the 100% level at 99.14.

Forex_US_Dollar_Soars_as_SP_500_Stalls_Below_Chart_Resistance_body_Picture_8.png, US Dollar Soars as S&P 500 Stalls Below Chart Resistance

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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