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Crude Oil Prices Aiming to Extend Lower, SPX 500 May Be Topping

Crude Oil Prices Aiming to Extend Lower, SPX 500 May Be Topping

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Trying to Extend Winning Streak for Sixth Straight Day
  • S&P 500 Rounding Out a Top as Prices Dip Below Range Floor
  • Crude Oil Aiming for $96.00 Figure, Gold Decline Marks a Pause

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

US DOLLAR TECHNICAL ANALYSIS – Prices are attempting to extend the latest leg of a two-month rally with a sixth consecutive daily gain.A daily close above the 38.2% Fibonacci expansion 10871 exposes the 50% level at 10919. Alternatively, a turn below the 23.6% Fib at 10812 clears the way for a test of the 10759-75 area marked by the January 2014 high and the 14.6% expansion.

Crude Oil Prices Aiming to Extend Lower, SPX 500 May Be Topping

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 a testing below support at 1984.60, the 23.6% Fibonacci retracement. A break downward on a daily closing basis initially exposes the 38.2% level at 1967.30. Alternatively, a reversal above the September 3 high at 2012.60 targets the upper boundary of the index’s long-term uptrend at 2039.50.

Crude Oil Prices Aiming to Extend Lower, SPX 500 May Be Topping

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are retesting support-turned-resistance at 1233.08, the 61.8% Fibonacci expansion. A daily close above this barrier exposes the 50% level at 1240.82. Alternatively, a turn below the 76.4% Fib at 1223.52 targets the 100% expansion at 1208.06.

Crude Oil Prices Aiming to Extend Lower, SPX 500 May Be Topping

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices broke support at 97.77 marked by the 38.2% Fibonacci expansion, exposing the 50% level at 96.04. A further push beneath that targets the 61.8% Fib at 94.32. Alternatively, a reversal back above the 97.77 aims for the 23.6% expansion at 99.91.

Crude Oil Prices Aiming to Extend Lower, SPX 500 May Be Topping

Daily Chart - Created Using FXCM Marketscope 2.0

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

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