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Crude Oil May Try Rebound, SPX 500 Working to Clear Path Sub-2000

Crude Oil May Try Rebound, SPX 500 Working to Clear Path Sub-2000

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Chart Setup Points to Topping at Six-Year High
  • SPX 500 Attempting to Clear a Path Below the 2000 Figure
  • Gold Stalls at December Top, Crude Oil Recovery Hinted

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

US DOLLAR TECHNICAL ANALYSIS – Prices turned lower as expected, with a bearish Evening Star candle pattern of deeper losses in the cards ahead. Near-term support is at 11599, the 14.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 23.6% level at 11527. Alternatively, a turn above the 23.6% Fib expansion at 11699 clears the way for a test of the 38.2% threshold at 11796.

Crude Oil May Try Rebound, SPX 500 Working to Clear Path Sub-2000

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 declined as expected after putting in a bearish Evening Star candlestick pattern. A secondary top may now be in place as a corrective bounce is capped by a Dark Cloud Cover formation. Breaking below rising trend line support at 2010.40 on a daily closing basis exposes the 38.2% level at 1988.00. Alternatively, a reversal back above the 23.6% Fib at 2028.00 aims for the January 9 high at 2068.60.

Crude Oil May Try Rebound, SPX 500 Working to Clear Path Sub-2000

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices put in a Shooting Star candlestick below resistance marked by the 61.8% Fibonacci expansion at 1233.62, hinting a pullback may be ahead. A break below the 50% level at 1220.88 exposes for the 38.2% Fib at 1208.13. Alternatively, a push above 1233.62 targets the 1249.39-55.20 area (76.4% Fib, October 21 high).

Crude Oil May Try Rebound, SPX 500 Working to Clear Path Sub-2000

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices put in a Hammer candle above support marked by the 76.4% Fibonacci expansion at 46.00, hinting a bounce may be ahead. A break above the 61.8% level at 49.37 on a daily closing basis exposes the 50% expansion at 52.10.Alternatively, a push below 46.00 targets the 100% level at 40.55.

Crude Oil May Try Rebound, SPX 500 Working to Clear Path Sub-2000

Daily Chart - Created Using FXCM Marketscope

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

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