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Crude Oil Rejected at Chart Resistance, SPX 500 Falters Above 2100

Crude Oil Rejected at Chart Resistance, SPX 500 Falters Above 2100

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Attempting to Reestablish Upside Momentum
  • S&P 500 Recovery Falters Following Test Above 2100
  • Crude Oil Bounce Rejected at 3-Week Trend Resistance

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

US DOLLAR TECHNICAL ANALYSIS – Prices are attempting to launch a recovery after turning aggressively lower, as expected. A daily close above the 12107-49 area (38.2% Fibonacci expansion, March 13 high), exposes the 50% level at 12221. Alternatively, a move below the 23.6% Fibat 11965 opens the door for a challenge of exposing the 11854-78 area (March 2009 high, 14.6% expansion).

Crude Oil Rejected at Chart Resistance, SPX 500 Falters Above 2100

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 pulled back after testing above the 2100 figure. A daily close below the 23.6% Fibonacci retracement at 2086.40 exposes the 38.2% level at 2066.00. Near-term resistance is at 2107.40, the March 18 high, followed by the February 25 top at 2119.40.

Crude Oil Rejected at Chart Resistance, SPX 500 Falters Above 2100

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices are attempting to reverse upward after tagging a three-month low. A daily close above the 1181.51 (channel top, 23.6% Fibonacci retracement) exposes the 38.2% level at 1205.58. Alternatively, a reversal below the 14.6% Fib at 1166.67 targets the March 17 low at 1142.59.

Crude Oil Rejected at Chart Resistance, SPX 500 Falters Above 2100

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices recoiled downward from resistance capping gains over the past three weeks. A break below the 50% Fibonacci retracement at 54.08 exposes the 51.97-52.55 area (March 17 low, 61.8% level). Alternatively, a push above the 23.6% Fib expansion at 56.75 targets support-turned-resistance at 58.17.

Crude Oil Rejected at Chart Resistance, SPX 500 Falters Above 2100

Daily Chart - Created Using FXCM Marketscope

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

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