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US Dollar, S&P 500 Take Initial Steps to Downward Reversals

US Dollar, S&P 500 Take Initial Steps to Downward Reversals

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar and the S&P 500 have taken preliminary steps toward bearish reversals but confirmation of concrete downward follow-through remains elusive.

US DOLLAR TECHNICAL ANALYSIS Prices put in a Dark Cloud Cover candlestick pattern, hinting a move lower may be ahead. Negative RSI divergence reinforces the case for a downside scenario. Initial support is at 10763, the 23.6% Fibonacci retracement, with a break below that targeting the 38.2% level at 10694. Near-term resistance is at 10876, the May 23 high.

Forex_US_Dollar_SP_500_Take_Initial_Steps_to_Downward_Reversals_body_Picture_5.png, US Dollar, S&P 500 Take Initial Steps to Downward Reversals

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices are testing support in the 1649.60-51.60 area, marked by the 23.6% Fibonacci retracement, the 100% expansion and a rising trend line set from the April 18 low. A break below this barrier initially exposes the 38.2% retracement at 1629.40. Near-term resistance is at 1676.50, the 123.6% expansion, with a reversal above that eyeing the 138.2% mark at 1693.10.

Forex_US_Dollar_SP_500_Take_Initial_Steps_to_Downward_Reversals_body_Picture_6.png, US Dollar, S&P 500 Take Initial Steps to Downward Reversals

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices completed a Bullish Engulfing candlestick pattern above support at 1348.97, the 38.2% Fibonacci retracement level, hinting at gains ahead. Initial resistance is at 1402.11, the 23.6% level, with a break above that targeting the 14.6% Fib at 1434.86 and the May 3 high at 1488.00. Alternatively, a move below support eyes the 50% expansion at 1306.02.

Forex_US_Dollar_SP_500_Take_Initial_Steps_to_Downward_Reversals_body_Picture_7.png, US Dollar, S&P 500 Take Initial Steps to Downward Reversals

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices moved lower as expected after putting in a bearish Dark Cloud Cover candlestick pattern. A break below a horizontal support shelf at 93.84 exposes swing lows in the 92.11-19 area. Near-term resistance is at 96.92, marked by a falling trend line set from late January.

Forex_US_Dollar_SP_500_Take_Initial_Steps_to_Downward_Reversals_body_Picture_8.png, US Dollar, S&P 500 Take Initial Steps to Downward Reversals

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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