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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

Ilya Spivak, Head Strategist, APAC

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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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