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Crude Oil Sinks to Lowest Since 2009, SPX 500 Flirting with Reversal

Crude Oil Sinks to Lowest Since 2009, SPX 500 Flirting with Reversal

2014-12-01 04:49:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Back on the Offensive as Prices Set Five-Year High
  • S&P 500 Probes Support, Threatens Monthly Uptrend Reversal
  • Gold at 3-Week Low, Crude Oil Hits Levels Unseen Since 2009

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

US DOLLAR TECHNICAL ANALYSIS – Buyers are back on the offensive, with prices pushing to a new five-year high. A daily close above the 23.6% Fibonacci expansion at 11391 exposes the 38.2% level at 11457. Alternatively, a reversal below the 14.6% Fib at 11350 clears the way for a test of the November 27 low at 11284.

Crude Oil Sinks to Lowest Since 2009, SPX 500 Flirting with Reversal

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 are probing below support at the bottom of a rising channel set from early November (2061.70), with a breach of this barrier on a daily closing basis exposing the 14.6% Fibonacci retracement at 2038.40. Near-term resistance is at 2075.90, the November 26 high, followed by the channel top at 2087.90.

Crude Oil Sinks to Lowest Since 2009, SPX 500 Flirting with Reversal

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices turned lower as expected, completing a Rising Wedge chart pattern. A daily close below the 23.6% Fibonacci expansion at 1156.94 exposes the 1125.55-1130.10 area (November 7 low, 38.2% level). Alternatively, a turn above the 14.6% Fib at 1176.29 targets the November 21 high at 1207.68.

Crude Oil Sinks to Lowest Since 2009, SPX 500 Flirting with Reversal

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices continue to face heavy selling pressure, dropping to the weakest level in five years. A daily close below the 38.2% Fibonacci expansion at 66.71 exposes the 50% level at 62.12. Alternatively, a reversal above the 23.6% Fib at 72.40 aims for the 14.6% expansion at 75.90.

Crude Oil Sinks to Lowest Since 2009, SPX 500 Flirting with Reversal

Daily Chart - Created Using FXCM Marketscope 2.0

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

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