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Crude Oil Selloff Resumes, SPX 500 Drops Most in Two Months

Crude Oil Selloff Resumes, SPX 500 Drops Most in Two Months

2014-12-11 04:38:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Correction Continues for Third Consecutive Day
  • S&P 500 Accelerates Downward, Falls Most in Two Months
  • Gold Stalls Following Breakout, Crude Oil Drop Resumes

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

US DOLLAR TECHNICAL ANALYSIS – Prices turned lower from a five-year high as expected after completing a bearish Evening Star candlestick pattern. Near-term support is at 11379, the 23.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 38.2% level at 11291. Alternatively, a reversal above the 14.6% Fib at 11434 clears the way for a test December 8 high at 11522..

Crude Oil Selloff Resumes, SPX 500 Drops Most in Two Months

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 turned lower as expected, issuing the largest decline in two months. A push below the 2018.10-22.10areamarked by the 23.6%Fibonacci retracementand theSeptember 19 highexposes the 38.2% level at 1980.00. Alternatively, a reversal back above the 2041.50-49.10 zone (14.6% Fib, December 1 low) targets the 2075.90-79.60 region (November 26 and December 5 highs).

Crude Oil Selloff Resumes, SPX 500 Drops Most in Two Months

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices paused to consolidate after clearing resistance at a falling trend line set from early July. A break above the 50% Fibonacci retracement at 1237.59 on a daily closing basis exposes the 61.8% level at 1262.96. Alternatively, a turn back below the intersection of the trend line and the 38.2% Fib at 1212.23 targets the 23.6% retracement at 1180.84.

Crude Oil Selloff Resumes, SPX 500 Drops Most in Two Months

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices continued to move lower after yesterday’s brief respite, with sellers now testing the 61.8% Fibonacci expansion at 64.30. A break below that on a daily closing basis exposes the 76.4% level at 62.25. Alternatively, a reversal above the 50% Fib at 65.96 targets the 38.2% expansion at 67.63.

Crude Oil Selloff Resumes, SPX 500 Drops Most in Two Months

Daily Chart - Created Using FXCM Marketscope

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

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