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US Dollar Sets 3-Year High, S&P 500 May Turn Lower

US Dollar Sets 3-Year High, S&P 500 May Turn Lower

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar pushed above May’s swing top to set a 3-year high. The S&P 500 may be ready to turn lower, ending the recovery launched last week.

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

US DOLLAR TECHNICAL ANALYSIS – A break above resistance at 10876, the late-May swing top, has exposed the 123.6% Fibonacci extension at 10973 as the next upside objective. The 10876 mark has been recast as near-term support, with a reversal back beneath that eyeing the 76.4% levelat 10781.

Forex_US_Dollar_Sets_3-Year_High_SP_500_May_Turn_Lower_body_Picture_5.png, US Dollar Sets 3-Year High, S&P 500 May Turn Lower

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices corrected higher as expected after putting in a bullish Piercing Line candlestick pattern. A Doji candle below trend line support-turned-resistance set from late February (1619.30) now points to indecision and warns renewed selling may be ahead. Near-term support is at 1595.80, the 23.6% Fibonacci expansion, with a break below that targeting the 38.2% level at 1577.10. Alternatively, a move above resistance aims for a recently broken upward-sloping barrier established from mid-November 2012 (1634.90).

Forex_US_Dollar_Sets_3-Year_High_SP_500_May_Turn_Lower_body_Picture_6.png, US Dollar Sets 3-Year High, S&P 500 May Turn Lower

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices turned higher after putting in a Bullish Engulfing candlestick pattern. A break above the 23.6% Fibonacci retracement (1237.63) has exposed 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_US_Dollar_Sets_3-Year_High_SP_500_May_Turn_Lower_body_Picture_7.png, US Dollar Sets 3-Year High, S&P 500 May Turn Lower

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS An expected rebound from rising trend line support has aggressively accelerated, with prices testing above resistance at the 61.8% Fibonacci expansion (101.07) to target the 76.4% level (103.06). Near-term support is at the psychologically significant 100.00 figure, followed by the 50% Fib (99.47).

Forex_US_Dollar_Sets_3-Year_High_SP_500_May_Turn_Lower_body_Picture_8.png, US Dollar Sets 3-Year High, S&P 500 May Turn Lower

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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