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Crude Oil Makes Tentative Upside Break, SPX 500 Stalling Above 2000

Crude Oil Makes Tentative Upside Break, SPX 500 Stalling Above 2000

2014-09-01 03:17:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Topping Cues Remain as Prices Digest Near 6-Month High
  • S&P 500 Stalls Above 2000 as Indecision Candles Warn of Pullback
  • Gold Upswing Stalls, Crude Oil Makes Tentative Break to the Upside

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

US DOLLAR TECHNICAL ANALYSIS – Prices may be setting up for a correction downward after prices put in a bearish Evening Star candlestick pattern. Near-term support is at 10618, the 14.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 23.6% level at 10591. Alternatively, a turn above the 14.6% Fib expansion at 10657 clears the way for a test of the 23.6% threshold at 10683.

Crude Oil Makes Tentative Upside Break, SPX 500 Stalling Above 2000

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 continue to stall below the 61.8% Fibonacci expansionat 2006.80. A turn lower from here sees near-term support is in the 1985.30-91.40 area, marked by the July 24 high and the 50% level, with a break below that on a daily closing basis exposing the 38.2% Fib at 1963.70. Alternatively, a turn above 2006.80 targets channel floor support-turned-resistance at 2015.10, followed by the top of the index’s long-term uptrend at 2028.10.

Crude Oil Makes Tentative Upside Break, SPX 500 Stalling Above 2000

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are stalling after taking out resistance at 1282.47, the 61.8% Fibonacci expansion. Resistance is now at 1290.15, the 50% level, with a push beyond that exposing the 38.2% Fib at 1297.82. Alternatively, a turn back below 1282.47 opens the door for a challenge of the 76.4% expansion at 1272.98.

Crude Oil Makes Tentative Upside Break, SPX 500 Stalling Above 2000

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices broke higher as expected, breaking through the top of a falling channel set from late July. Near-term resistance is now at 103.19, the 14.6% Fibonacci retracement, with a daily close above that exposing the 23.6% level at 104.50. The channel top (now at 102.18) has been recast as support, with a move back below that eyeing the August 19 swing lowat 101.05.

Crude Oil Makes Tentative Upside Break, SPX 500 Stalling Above 2000

Daily Chart - Created Using FXCM Marketscope 2.0

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

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