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Crude Oil Stalls Below 57.00, SPX 500 May Be Forming Double Top

Crude Oil Stalls Below 57.00, SPX 500 May Be Forming Double Top

Ilya Spivak, Head Strategist, APAC

Talking Points:

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

US DOLLAR TECHNICAL ANALYSIS – Prices reversed downward as expected, making good on bearish cues telegraphed through negative RSI divergence. Near-term support is in the 11854-78 area (March 2009 high, 14.6% Fibonacci expansion), with a break below that on a daily closing basis exposing the 11679-737 region (February 26 low, 38.2% Fib retracement). Alternatively, a move back above the 23.6% level at 11965 clears the way for a test of the 12107-49 zone (38.2% expansion, March 13 high).

Crude Oil Stalls Below 57.00, SPX 500 May Be Forming Double 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 put in a bearish Evening Star candlestick pattern below February’s swing high, hinting a move lower is ahead. A daily close belowthe 14.6% Fibonacci expansion at 2084.00 exposes rising trend line support at 2057.10. Alternatively, a reversal above the 2111.00-19.40 area (23.6% level, February 25 high) exposes the 38.2% Fib at 2154.90.

Crude Oil Stalls Below 57.00, SPX 500 May Be Forming Double Top

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices look poised for another move above the $1200/oz figure. A break above the 38.2% Fibonacci retracement at 1205.58 exposes the 50% level at 1225.04. Alternatively, a turn below the 23.6% Fib at 1181.51 targets the 1166.67-1170.09 area (channel top resistance-turned-support, 14.6% retracement).

Crude Oil Stalls Below 57.00, SPX 500 May Be Forming Double Top

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices continue to stall below the $57.00/barrel figure. A daily close above the 23.6% Fibonacci expansion at 56.75 exposes support-turned-resistance at 58.17. Near-term support is at 52.55, the March 17 low.

Crude Oil Stalls Below 57.00, SPX 500 May Be Forming Double Top

Daily Chart - Created Using FXCM Marketscope

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

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