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Crude Oil Sets Another 4-Year Low, SPX 500 Stalls at Record High

Crude Oil Sets Another 4-Year Low, SPX 500 Stalls at Record High

2014-11-14 04:43:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Pullback Signs Remain, Follow-Through Still Absent
  • S&P 500 Advance Pauses After Setting Yet Another Record High
  • Gold Still in Digestion Mode, Crude Oil Sets Another 4-Year Low

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

US DOLLAR TECHNICAL ANALYSIS – Prices appear vulnerable to a correction lower having produced a bearish Dark Cloud Cover candlestick pattern. A daily close below the 23.6% Fibonacci retracement at 11211 exposes the 11143-55 area marked by the October 3 high and the 38.2% level. Alternatively, a turn above the 50% Fib expansion at 11295 opens the door for a challenge of the 61.8% threshold at 11329.

Crude Oil Sets Another 4-Year Low, SPX 500 Stalls at Record 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 shifted into digestion mode after setting yet another record high. Near-term resistance is at 2051.00, the 23.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 38.2% level at 2081.20. Alternatively, a reversal below the 14.6% Fib at 2032.30 aims for resistance-turned-support at 2022.10, the September 19 high.

Crude Oil Sets Another 4-Year Low, SPX 500 Stalls at Record High

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are treading water below resistance in the 1178.86-80.84 area marked by the December 2013 low and the 23.6% Fibonacci retracement. Near-term support is at 1131.11, the 76.4% Fibonacci expansion, with a break below that on a daily closing basis exposing the 100% level at 1092.78. Alternatively, a push above resistance targets the 38.2% retracement at 1212.23.

Crude Oil Sets Another 4-Year Low, SPX 500 Stalls at Record High

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices continue to face acute selling pressure, sinking to set another four-year low. Near-term support is now at 76.53, the 76.4% Fibonacci expansion, with a break below that exposing the 100% level at 73.01. Alternatively, a reversal above the 61.8% Fib at 78.70 aims for the 50% expansion at 80.46.

Crude Oil Sets Another 4-Year Low, SPX 500 Stalls at Record High

Daily Chart - Created Using FXCM Marketscope 2.0

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

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