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Crude Oil May Yet Turn Higher, SPX 500 Sets New Record High

Crude Oil May Yet Turn Higher, SPX 500 Sets New Record High

2014-11-19 04:50:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Trying to Renew Rally as Bulls Target Monthly High
  • S&P 500 Breaks Higher from Consolidation, Sets New Record
  • Gold Extends Recovery, Crude Oil Rebound Still a Possibility

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 rebuild upside momentum after a period of consolidation, with buyers on pace to test November’s high. Near-term resistance is at 11315, the 23.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 38.2% level at 11374. Alternatively, a reversal below the 14.6% expansion at 11278 clears the way for a test of the 23.6% Fib retracement at 11227.

Crude Oil May Yet Turn Higher, SPX 500 Sets New 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 edged past resistance at 2051.00, the 23.6% Fibonacci expansion, exposing the 38.2% level at 2081.20. A further push beyond that targets the 50% Fib at 2105.60. Alternatively, a reversal below the 2022.10-32.30 area marked by the 14.6% expansion and the September 19 high opens the door for a test of the November 4 low at 2002.10.

Crude Oil May Yet Turn Higher, SPX 500 Sets New Record High

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are attempting to extend an upward correction, moving to touch a three-week high above the $1200/oz figure. A daily close above the 38.2% Fibonacci retracement at 1212.23 exposes the 1230.22-37.59 area marked by a falling trend line and the 50% level. Alternatively, a reversal below the 1178.86-80.84 zone (December 2013 low, 23.6% Fib) targets the 14.6% retracement at 1161.49.

Crude Oil May Yet Turn Higher, SPX 500 Sets New Record High

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices may be gearing up for a recovery after putting in a bullish Piercing Line candlestick pattern. A break above the 14.6% Fibonacci retracement at 79.81 exposes the 23.6% level at 81.71. Near-term support is at 76.74, the November 14 low.

Crude Oil May Yet Turn Higher, SPX 500 Sets New Record High

Daily Chart - Created Using FXCM Marketscope 2.0

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

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