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Crude Oil May Turn Lower Anew, SPX 500 Sets Sights on December Top

Crude Oil May Turn Lower Anew, SPX 500 Sets Sights on December Top

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar May Have Finally Began a Bearish Reversal
  • S&P 500 Aims for December Top After Resistance Break
  • Gold Finds Support, Crude Oil Rally May Fail Near $59

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

US DOLLAR TECHNICAL ANALYSIS – Prices may have finally started to turn lower as expected following the appearance of a bearish Evening Star candlestick pattern. Near-term support is at 11740, the 14.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 23.6% level at 11653 Alternatively, a reversal above trend line support-turned-resistance at 11819 clears the way for a test of the 11854-76 zone (14.6% Fib expansion, March 2009 high).

Crude Oil May Turn Lower Anew, SPX 500 Sets Sights on December Top

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 edged above resistance at 2080.70, the 38.2% Fibonacci expansion, to expose the December 29 high at 2092.60. A break above that on a daily closing basis exposes the 50% level at 2112.90. Alternatively, a turn back below 2080.70 targets resistance-turned-support marked by the January 9 top at 2068.60.

Crude Oil May Turn Lower Anew, SPX 500 Sets Sights on December Top

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices are testing support at 1218.80, the 50% Fibonacci retracement, with a break below that on a daily closing basis exposing the intersection of rising trend line support and the 61.8% level at 1197.86. Alternatively, a reversal above the 38.2% Fib at 1239.73 aims for the October 21 high at 1255.20.

Crude Oil May Turn Lower Anew, SPX 500 Sets Sights on December Top

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices continue to push higher as expected, with a narrow breach of the 38.2% Fibonacci retracement at 59.08 exposing the 50% level at 63.38. A further push beyond that targets the 61.8% Fib at 67.68. Negative RSI divergence wars of fading upside momentum however, hinting a turn downward may be ahead. A reversal back below 59.08 aims for the 23.6% retracement at 53.77.

Crude Oil May Turn Lower Anew, SPX 500 Sets Sights on December Top

Daily Chart - Created Using FXCM Marketscope

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

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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