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US Dollar, S&P 500 Chart Setups Hint Reversals May Be Ahead

US Dollar, S&P 500 Chart Setups Hint Reversals May Be Ahead

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: US Dollar and S&P 500 technical positioning hints that a reversal of recent moves may be brewing, although confirmation is absent for now.

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

US DOLLAR TECHNICAL ANALYSIS – Prices turned lower as expected, finding initial support at 10803 marked by the 38.2% Fibonacci retracement. A bullish Piercing Line candlestick pattern hints at recovery ahead but confirmation requires a daily close above initial resistance at 10882, the 23.6% level (exposing the July 8 swing high at 11009 thereafter). Alternatively, a reversal below support targets the 50% Fib at 10739.

Forex_US_Dollar_SP_500_Chart_Setups_Hint_Reversals_May_Be_Ahead_body_Picture_5.png, US Dollar, S&P 500 Chart Setups Hint Reversals May Be Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices moved higher as expected after putting in a bullish Piercing Line candlestick pattern. A Doji candle below resistance at 1678.40, the 78.6% Fibonacci expansion, now points to indecision and hints a turn lower may be ahead. Near-term support is at 1652.90, the 61.8% level, with a break below that exposing the 50% Fib at 1635.00. Alternatively, a move above resistance targets the May 22 high at 1687.40, followed by the 100% expansion at 1710.90.

Forex_US_Dollar_SP_500_Chart_Setups_Hint_Reversals_May_Be_Ahead_body_Picture_6.png, US Dollar, S&P 500 Chart Setups Hint Reversals May Be Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices put in a Hanging Man candlestick below resistance at 1297.75, the 38.2% Fibonacci retracement, signaling indecision and warning that a pullback may be around the corner. Near-term support is at 1252.80, the 23.6% level, with a break beneath that eyeing swing lows at 1208.10 and 1180.15. Alternatively, a push above resistance exposes the 50% Fib at 1334.08.

Forex_US_Dollar_SP_500_Chart_Setups_Hint_Reversals_May_Be_Ahead_body_Picture_7.png, US Dollar, S&P 500 Chart Setups Hint Reversals May Be Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices put in a bearish Dark Cloud Cover candlestick pattern, hinting a move lower is ahead. Near-term support is at 103.93, the 23.6% Fibonacci retracement, with a break beneath that targeting a rising trend line at 102.18 and the 50% level at 100.05. Near-term resistance is at 107.41, the July 11 high.

Forex_US_Dollar_SP_500_Chart_Setups_Hint_Reversals_May_Be_Ahead_body_Picture_8.png, US Dollar, S&P 500 Chart Setups Hint Reversals May Be Ahead

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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