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US Dollar Treading Water, SPX 500 Higher in Pre-Holiday Trade

US Dollar Treading Water, SPX 500 Higher in Pre-Holiday Trade

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Treading Water in Thin Pre-Holiday Trade
  • S&P 500 Continues to Push Higher, Sets New Record
  • Crude Oil Chart Setup Warns of Near-Term Topping

Can’t access to the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **

US DOLLAR TECHNICAL ANALYSIS – Prices rose as expected after putting in a bullish Piercing Line candlestick pattern. Resistance is now at 10723, the 50% Fibonacci expansion, with a break above that exposing the 61.8% level at 10760. Support is in the 10669-85 area, marked by the December 4 swing high and the 38.2% Fib.

Forex_US_Dollar_Treading_Water_SPX_500_Higher_in_Pre-Holiday_Trade_body_Picture_5.png, US Dollar Treading Water, SPX 500 Higher in Pre-Holiday Trade

Daily Chart - Created Using FXCM Marketscope 2.0

** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.

S&P 500 TECHNICAL ANALYSIS – Prices broke above resistance at 1823.80, the 38.2% Fibonacci expansion, exposing the 50% level at 1843.40. A further push beyond that aims for the 61.8% Fib at 1863.00. A turn back below 1823.80 targets the November 29 high 1813.10 and horizontal pivots in the 1773.40-1782.60 area.

Forex_US_Dollar_Treading_Water_SPX_500_Higher_in_Pre-Holiday_Trade_body_Picture_6.png, US Dollar Treading Water, SPX 500 Higher in Pre-Holiday Trade

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices put in a Harami candlestick pattern, hinting a bounce may be in the works. Near-term resistance is at 1217.75, with a break above that exposing the 1251.54-67.71 area. Near-term support is at 1186.83, the December 20 low.

Forex_US_Dollar_Treading_Water_SPX_500_Higher_in_Pre-Holiday_Trade_body_Picture_7.png, US Dollar Treading Water, SPX 500 Higher in Pre-Holiday Trade

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices put in a Dark Cloud Cover candlestick pattern, hinting a move lower is ahead. Initial support is at 97.64, the 23.6% Fibonacci retracement, with a break below that exposing the 38.2% level at 96.51. Near-term resistance is at 99.46, the December 19 high.

Forex_US_Dollar_Treading_Water_SPX_500_Higher_in_Pre-Holiday_Trade_body_Picture_8.png, US Dollar Treading Water, SPX 500 Higher in Pre-Holiday Trade

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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