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Crude Oil Hits Five-Year Low, SPX 500 Shows Early Reversal Signs

Crude Oil Hits Five-Year Low, SPX 500 Shows Early Reversal Signs

2014-12-09 06:40:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Pauses to Consolidate After Biggest Rally in 5 Weeks
  • S&P 500 Showing Early Signs of Downward Reversal Validation
  • Gold in Consolidation Mode, Crude Oil Drops to Five-Year Low

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

US DOLLAR TECHNICAL ANALYSIS – Prices paused to consolidate after producing the largest daily rally in five weeks. Near-term resistance is at 11511, the 50% Fibonacci expansion, with a break above that on a daily closing basis exposing the 61.8% level at 11565. Alternatively, a reversal below the 38.2% Fib at 11457 clears the way for a test of the 23.6% expansion at 11391.

Crude Oil Hits Five-Year Low, SPX 500 Shows Early Reversal Signs

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 began to turn lower as expected. A drop below the 2041.50-49.10 area marked by the 14.6% Fibonacci retracement and the December 1 low exposes the 2018.10-22.10 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 Hits Five-Year Low, SPX 500 Shows Early Reversal Signs

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices met resistance at a falling trend line set from early July. A break below the 14.6% Fibonacci expansion at 1189.74 exposes the 23.6% level at 1170.39. Alternatively, a daily close above the trend line (now at 1213.04) targets the December 1 high at 1221.13.

Crude Oil Hits Five-Year Low, SPX 500 Shows Early Reversal Signs

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices are testing below support at 65.96, the 50% Fibonacci expansion. A daily close below this barrier exposes the 61.8% level at 64.30. Alternatively, a move above the 38.2% Fib at 67.63 targets the 23.6% expansion at 69.68.

Crude Oil Hits Five-Year Low, SPX 500 Shows Early Reversal Signs

Daily Chart - Created Using FXCM Marketscope

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

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