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Crude Oil Stuck in Familiar Range, SPX 500 Waiting for a Catalyst

Crude Oil Stuck in Familiar Range, SPX 500 Waiting for a Catalyst

2015-04-02 02:59:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Snaps 4-Day Win Streak at Chart Resistance
  • S&P 500 Awaits Next Catalyst at March Swing Bottom
  • Gold Jumps Most in 2 Months, Crude Oil Stuck Sub-$60

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

US DOLLAR TECHNICAL ANALYSIS – Prices paused to digest gains, snapping a four-day winning streak. Near-term resistance is at 12066, the 14.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 12149-77 zone (23.6% level, March 13 high). Alternatively, a reversal below the 11858-86 area (23.6% Fib retracement, March 18 low)clears the way for a test of the 38.2% threshold at 11679.

Crude Oil Stuck in Familiar Range, SPX 500 Waiting for a Catalyst

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 moved lower as expected after putting in a bearish Evening Star candlestick pattern. A daily close below the March 12low at 2040.10 exposes the 38.2% Fibonacci retracement at 2004.60. Alternatively, a reversal above the 14.6% Fib expansion at 2084.00 targets the 2111.00-19.40 area (23.6% threshold, February 25 high).

Crude Oil Stuck in Familiar Range, SPX 500 Waiting for a Catalyst

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices recoiled sharply higher after declining as expected following the appearance of a bearish Dark Cloud Cover candlestick pattern. A daily close above the 38.2% Fibonacci retracement at 1205.58 exposes the 50% level at 1225.04. Alternatively, a push below the 23.6% Fib expansion at 1180.90 targets the 38.2% threshold at 1156.83.

Crude Oil Stuck in Familiar Range, SPX 500 Waiting for a Catalyst

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices continue to tread water below the $60/barrel figure. A close above the March 26 high at 59.75 exposes the February 17 top at 62.98. Alternatively, a push below the 14.6% Fibonacci expansion at 52.76 targets the 23.6% level at 46.47.

Crude Oil Stuck in Familiar Range, SPX 500 Waiting for a Catalyst

Daily Chart - Created Using FXCM Marketscope

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

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