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Crude Oil Drop Stalls Ahead of $60 Mark, SPX 500 Hits 7-Week Low

Crude Oil Drop Stalls Ahead of $60 Mark, SPX 500 Hits 7-Week Low

2014-12-15 07:31:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Downswing May Resume After Consolidation
  • S&P 500 Punctures 2000 as Prices Hit Seven-Week Low
  • Crude Oil Selloff Pauses to Digest Ahead of $60/Barrel

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 Drop Stalls Ahead of $60 Mark, SPX 500 Hits 7-Week Low

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, plunging to the lowest level in seven weeks. Sellers now aim to challenge the 38.2% Fibonacci retracement at 1980.00, with a break below that exposing the 50% level at 1949.30. Alternatively, a reversal above the 2018.10-22.10areamarked by the 23.6%Fib and theSeptember 19 hightargets the 2041.50-49.10 zone (14.6% Fib, December 1 low).

Crude Oil Drop Stalls Ahead of $60 Mark, SPX 500 Hits 7-Week Low

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 Drop Stalls Ahead of $60 Mark, SPX 500 Hits 7-Week Low

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices have paused to digest losses after breaking below the 76.4% Fibonacci expansion at 62.25. A reversal back above this barrier exposes the 61.8% level at 64.30. Alternatively, a renewed push downward sees support at 58.93 – the 100% Fib – with a daily close below that targeting the 123.6% expansion at 55.61.

Crude Oil Drop Stalls Ahead of $60 Mark, SPX 500 Hits 7-Week Low

Daily Chart - Created Using FXCM Marketscope

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

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