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US Dollar Pullback May Be Ahead, SPX 500 Slips Below 2000 Again

US Dollar Pullback May Be Ahead, SPX 500 Slips Below 2000 Again

2014-09-23 05:24:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Chart Setup Warns a Correction Lower is May Be Ahead
  • S&P 500 Falters at Record High, Slips Below 2000 Figure Yet Again
  • Gold Edging Toward $1200/oz Figure, Crude Oil Locked in Range

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

US DOLLAR TECHNICAL ANALYSIS – Prices may be on the verge of a correction lower as negative RSI divergence points to ebbing bullish momentum. Near-term support is at 10913, marked by a rising trend line set from set from late August, with a break below that on a daily closing basis exposing the 14.6% Fibonacci retracement at 10869. Alternatively, a turn above the 14.6% Fib expansion at 10957 opens the door for a challenge of the 23.6% threshold at 11008.

US Dollar Pullback May Be Ahead, SPX 500 Slips Below 2000 Again

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 are testing support at 1991.90, the 23.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 38.2% level at 1973.20. Alternatively, a reversal back above the 14.6% Fib at 2003.40 targets the September 19 high at 2022.10.

US Dollar Pullback May Be Ahead, SPX 500 Slips Below 2000 Again

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are testing support at 1213.70, the 23.6% Fibonacci expansion. A break below this barrier on a daily closing basis exposes the 38.2% level at 1196.22. Alternatively, a reversal above the 14.6% Fib at 1224.47 targets the September 16 high at 1241.95

US Dollar Pullback May Be Ahead, SPX 500 Slips Below 2000 Again

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices continue to tread water above support at 96.73, the April 2013 low. Near-term resistance is at 99.47, the 14.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 23.6% level at 101.18. Alternatively, a breach downward aims for the 23.6% Fib expansion at 95.11.

US Dollar Pullback May Be Ahead, SPX 500 Slips Below 2000 Again

Daily Chart - Created Using FXCM Marketscope 2.0

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

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