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Crude Oil Sinks to 18-Month Low, SPX 500 Drops Most in 5 Weeks

Crude Oil Sinks to 18-Month Low, SPX 500 Drops Most in 5 Weeks

2014-09-10 03:53:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Chart Setup Tentatively Warns of Pullback Ahead
  • S&P 500 Turns Lower, Yields Largest Daily Drop in 5 Weeks
  • Crude Oil Sinks to 18-Month Low, Gold Stalling at Support

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

US DOLLAR TECHNICAL ANALYSIS – Prices may be preparing to turn lower after putting in a Shooting Star candle having set a new 2014 high.Near-term support is at 10800, the 61.8% Fibonacci expansion, with a break below that on a daily closing basis exposing the 10756-65 area marked by the January 2014 high and the 50% level. Alternatively, a push above the 76.4% Fib at 10844 opens the door for a challenge of the 100% expansion at 10914.

Crude Oil Sinks to 18-Month Low, SPX 500 Drops Most in 5 Weeks

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 turned sharply lower, issuing the largest daily decline in five weeks. Sellers are testing support at 1984.60, the 23.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 38.2% level at 1967.30. Alternatively, a reversal above the 14.6% Fib at 1995.30 aims for the September 3 high at 2012.60.

Crude Oil Sinks to 18-Month Low, SPX 500 Drops Most in 5 Weeks

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are testing support at 1252.82, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing 38.2% level at 1239.98. Alternatively, a turn back above the 14.6% Fib at 1260.73 targets the intersection of a horizontal pivot in play since April and a falling channel top at 1276.48.

Crude Oil Sinks to 18-Month Low, SPX 500 Drops Most in 5 Weeks

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices broke support at 99.91, the 23.6% Fibonacci expansion. Sellers now aim to challenge 97.77, the intersection of the 38.2% level and a falling channel floor, with a further push below that exposing the 50% Fib at 96.04. Alternatively, a reversal back above 99.91 aims for the channel top at 101.93.

Crude Oil Sinks to 18-Month Low, SPX 500 Drops Most in 5 Weeks

Daily Chart - Created Using FXCM Marketscope 2.0

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

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