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Dollar Revisits May Top, S&P 500 Rebound Hits Resistance

Dollar Revisits May Top, S&P 500 Rebound Hits Resistance

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar has advanced to challenge May’s major swing high while a recovering S&P 500 has met trend-defining resistance.

Capitalize on Shifts in Market Mood with the DailyFX Speculative Sentiment Index.

US DOLLAR TECHNICAL ANALYSIS Prices are eyeing resistance at 10876, the late-May swing top, with a break higher targeting the 123.6% Fibonacci extension at 10973. Near-term support is at 10781, the 76.4% level. A break beneath that aims for the 61.8% Fib at 10721.

Forex_Dollar_Revisits_May_Top_SP_500_Rebound_Hits_Resistance_body_Picture_5.png, Dollar Revisits May Top, S&P 500 Rebound Hits Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices advanced as expected after putting in a bullish Piercing Line candlestick pattern. The bulls are now retesting trend line support-turned-resistance set from late February (currently at 1618.10), with a break above that exposing a recently broken upward-sloping barrier established from mid-November 2012 (1633.30). Near-term support is at 1595.80, the 23.6% Fibonacci expansion. A reversal beneath that initially aims for the 38.2% level at 1577.10.

Forex_Dollar_Revisits_May_Top_SP_500_Rebound_Hits_Resistance_body_Picture_6.png, Dollar Revisits May Top, S&P 500 Rebound Hits Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices are correcting higher after putting in a Bullish Engulfing candlestick pattern. A break above the 23.6% Fibonacci retracement (1237.63) has exposing the 38.2% level at 1273.19. A further push above that aims for the 50% Fib at 1301.93. The 1237.63 mark has been recast as near-term support, with a drop back beneath that targeting the June 28 low at 1180.15.

Forex_Dollar_Revisits_May_Top_SP_500_Rebound_Hits_Resistance_body_Picture_7.png, Dollar Revisits May Top, S&P 500 Rebound Hits Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices advanced as expected after putting in a bullish Piercing Line candlestick pattern above rising trend line support set from mid-April. A break above the 38.2% Fibonacci expansion at 97.87 has exposed the 50% level at 99.47, with a further push above that targeting the 61.8% Fib at 101.07. Alternatively, a reversal back beneath 97.87 eyes the 23.6% expansion at 95.88.

Forex_Dollar_Revisits_May_Top_SP_500_Rebound_Hits_Resistance_body_Picture_8.png, Dollar Revisits May Top, S&P 500 Rebound Hits 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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