Crude Oil Hits One-Month Low, SPX 500 Drops Most in Six Weeks

2015-03-11 08:20:00 Ilya Spivak

Talking Points:

US Dollar Extends Advance, Sets New 11-Year High
S&P 500 Produces Largest Daily Decline in 6 Weeks
Gold Aims to Continue Down, Oil Hits1-Month Low

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US DOLLAR TECHNICAL ANALYSIS – Prices look poised to continue higher after prices advanced to the highest level in over 11 years. Near-term resistance is at 12107, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 12221. Alternatively, a below the 23.6% Fib at 11965 opens the door for a challenge of the 11854-76 area (14.6% Fibonacci expansion, March 2009 high).

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 accelerated lower anew, sinking to the weakest level in a month. Sellers now aim to challenge the 61.8% Fibonacci retracement at 2033.00, with a break below that on a daily closing basis exposing the 76.4% level at 2012.60. Alternatively, a reversal back above the 50% Fib at 2049.50 targets the 38.2% retracement at 2066.00.

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices resumed their push downward, with sellers now eyeing support below the 1150.00 figure. A break below the 61.8% Fibonacci retracement at 1149.35 exposes the 76.4% level at 1131.92. Alternatively, a rebound above the 50% Fib at 1163.43 targets the 38.2% expansion at 1177.51.

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices continue to decline after taking out rising channel support. A break below the 38.2% Fibonacci retracement at 56.18 exposes the 50% level at 54.08. Alternatively, a turn above the 58.17-78 area marked by the 23.6% Fib and the February 6 close targets the 14.6% retracement at 60.38.