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Crude Oil Prices Rise Most in a Month, SPX 500 Drops to Trend Support

Crude Oil Prices Rise Most in a Month, SPX 500 Drops to Trend Support

2014-07-18 03:46:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Continues to Cautiously Edge Upward
  • S&P 500 Drops to Trend-Defining Chart Support
  • Crude Oil Scores Largest Daily Gain in a Month

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

US DOLLAR TECHNICAL ANALYSIS – Prices rebounded as expected after putting in a Bullish Engulfing candle pattern at support set from October 2013. A daily close above the 50% Fibonacci retracement at 10452, initially exposes the 61.8% level at 10743. Alternatively, reversal below the 38.2% Fib at 10431 opens the door for a challenge of rising trend line support at 10409, followed by a triple bottom established from October 2013 in the 10354-75 area.

Crude Oil Prices Rise Most in a Month, SPX 500 Drops to Trend Support

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 ANALYSISPrices moved lower as expected after putting in a bearish Evening Star candlestick pattern at the top of a rising channel set from mid-April. Sellers are testing support in the 1954.20, marked by a rising channel bottom set from early April. A break below that on a daily closing basis exposes the 23.6% Fibonacci retracement at 1944.20. Alternatively, a move back above the 14.6% level at 1960.10 aims for the July 3 high at 1985.90.

Crude Oil Prices Rise Most in a Month, SPX 500 Drops to Trend Support

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are mounting a corrective recovery after turning downward as expected. A break above the 23.6% Fibonacci retracement at 1320.34 on a daily closing basis initially exposes the 14.6% level at 1329.78. Alternatively, a move below the 38.2% level at 1305.3 opens the door for a test of the 50% Fib at 1292.66.

Crude Oil Prices Rise Most in a Month, SPX 500 Drops to Trend Support

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices continue to race higher after rebounding from rising channel support set from mid-March, taking out the 38.2% Fibonacci retracement at 102.92. Buyers now aim to challenge the 50% level at 104.14, with a break above that exposing the 61.8% Fib at 105.36. Alternatively, a move back below 102.92 eyes the 23.6% retracement at 101.42.

Crude Oil Prices Rise Most in a Month, SPX 500 Drops to Trend Support

Daily Chart - Created Using FXCM Marketscope 2.0

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

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