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Crude Oil Under Pressure Anew, SPX 500 Stalls Near September High

Crude Oil Under Pressure Anew, SPX 500 Stalls Near September High

2014-11-04 08:00:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Continues to Push Higher, Clearing October Top
  • S&P 500 Stalls After Failing to Close Above September High
  • Crude Oil Back Under Pressure, Gold Drops for Fourth Day

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

US DOLLAR TECHNICAL ANALYSIS – Prices continued to push upward, clearing October’s swing high to touch the strongest level in over four years. A daily close above the 38.2% Fibonacci expansion at 11216 exposes the 50% level at 11308. Alternatively, a turn below the 11102-43 area marked by the October 3 high and the 23.6% Fib clears the way for a test of trend line support at 10987.below the 23.6% Fib at 11102 opens the door for a challenge of trend line support at 10982.

Crude Oil Under Pressure Anew, SPX 500 Stalls Near September High

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 ANALYSIS – Prices have returned to test resistance at 2022.10, the September swing high, with a break above that on a daily closing basis exposing the 38.2% Fibonacci expansion at 2035.20. Alternatively, a reversal below the 23.6% level at 2009.80 aims for the 14.6% Fib at 1994.20.

Crude Oil Under Pressure Anew, SPX 500 Stalls Near September High

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices turned lower as expected after putting in a bearish Evening Star candlestick pattern. Sellers now aim to challenge the 61.8% Fibonacci expansion at 1154.82, with a break below that on a daily closing basis exposing the 76.4% level at 1131.11. Alternatively, a reversal back above the 1173.99-78.86 area (December 2013 low, 50% Fib) aims for the 38.2% expansion at 1193.16.

Crude Oil Under Pressure Anew, SPX 500 Stalls Near September High

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are back under pressure, with sellers testing the 14.6% Fibonacci expansion at 83.12. A break below that on a daily closing basis exposes the 23.6% level at 80.17. Alternatively, a reversal above falling channel floor support-turned-resistance at 86.25 targets the October 29 high at 87.91.

Crude Oil Under Pressure Anew, SPX 500 Stalls Near September High

Daily Chart - Created Using FXCM Marketscope 2.0

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

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