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Crude Oil Rout Continues, SPX 500 Vulnerable to Deeper Losses

Crude Oil Rout Continues, SPX 500 Vulnerable to Deeper Losses

2014-12-17 06:47:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

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 Rout Continues, SPX 500 Vulnerable to Deeper Losses

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. Sellers now aim to challenge the 50% Fibonacci retracement at 1949.30, with a break below that exposing the 61.8% level at 1918.50. Alternatively, a reversal above the 38.2% Fib at 1980.00 targets the 2018.10-22.10areamarked by the 23.6%Fib and theSeptember 19 high.

Crude Oil Rout Continues, SPX 500 Vulnerable to Deeper Losses

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices paused to consolidate at chart support after railing from resistance below $1250.00. A break below the 23.6% Fibonacci expansion at 1187.39 exposes the 38.2% level at 1156.00. Alternatively, a reversal above the 14.6% Fib at 1206.75 targets the December 9 high at 1238.13.

Crude Oil Rout Continues, SPX 500 Vulnerable to Deeper Losses

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices are aiming to extend the latest losing streak for a sixth consecutive day. A break below the 100% Fibonacci expansion at 58.93 exposes the 123.6% level at 55.61. Alternatively, a reversal above the 76.4% Fib at 62.25 targets the 61.8% expansion at 64.30.

Crude Oil Rout Continues, SPX 500 Vulnerable to Deeper Losses

Daily Chart - Created Using FXCM Marketscope

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

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