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Crude Oil Vulnerable to Deeper Losses, SPX 500 Pullback Hinted

Crude Oil Vulnerable to Deeper Losses, SPX 500 Pullback Hinted

2014-12-05 04:28:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • US Dollar Pauses to Consolidate Before Key US Employment Data
  • S&P 500 Technical Positioning Warns a Pullback May Be Coming
  • Crude Oil Vulnerable to Deeper Losses After Breaking 70.00 Mark

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

US DOLLAR TECHNICAL ANALYSIS – Prices stalled to consolidate gains after establishing yet another five-year high ahead of the much-anticipated US Employment report. A daily close above the 38.2% Fibonacci expansionat 11457 exposes the 50% level at 11511. Alternatively, a reversal below the 23.6% Fib at 11391 clears the way for a test of the 14.6% expansion at 11350.

Crude Oil Vulnerable to Deeper Losses, SPX 500 Pullback Hinted

Daily Chart - Created Using FXCM Marketscope

** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.

S&P 500 TECHNICAL ANALYSIS – Prices paused to consolidate, with negative RSI divergence warning of ebbing upside momentum and hinting a turn lower may be ahead. A drop below the 2040.10-49.10 area marked by the 14.6% Fibonacci retracement and the December 1 low exposes the 2016.80-22.10 zone (23.6% level, September 19 high). Alternatively, a move above the 2075.90-86.60 region (November 26 high, 14.6% Fib expansion) targets the 23.6% expansion at 2109.80.

Crude Oil Vulnerable to Deeper Losses, SPX 500 Pullback Hinted

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices are in digestion mode below key trend line resistance guiding the down trend since early July. A break above this barrier (now at 1216.16) exposes the 50% Fibonacci retracement at 1237.59. Alternatively, a reversal below the 23.6% level at 1180.84 targets the 14.6% Fib at 1161.49.

Crude Oil Vulnerable to Deeper Losses, SPX 500 Pullback Hinted

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices look poised to continue lower after breaching support below the 70.00 figure. A daily close below the 38.2% Fibonacci expansion at 67.63 exposes the 50% level at 65.96. Alternatively, a move above the 23.6% Fib at 69.68 targets the 14.6% expansion at 70.95.

Crude Oil Vulnerable to Deeper Losses, SPX 500 Pullback Hinted

Daily Chart - Created Using FXCM Marketscope

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

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