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Crude Oil Chart Warns of Topping, SPX 500 Sinks to Monthly Low

Crude Oil Chart Warns of Topping, SPX 500 Sinks to Monthly Low

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Eyes April Low After Brief Attempt at Bounce Fizzles
  • S&P 500 Sinks to Monthly Low as Double Top Potential Builds
  • Crude Oil Chart Setup Warns of Possible Topping Below $70.00

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

US DOLLAR TECHNICAL ANALYSIS – Prices are on pace to test April’s swing bottom anew after a second consecutive day of heavy losses. A daily close below the 38.2% Fibonacci expansion at 11737 exposes the 50% level at 11688. Alternatively, a reversal above the 23.6% level at 11799 opens the door for a challenge of the 14.6% Fib at 11837.

Crude Oil Chart Warns of Topping, SPX 500 Sinks to Monthly Low

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 are edging lower as expected after putting in a Bearish Engulfing candlestick pattern, warning that a double top may be taking shape. A break below the 38.2% Fibonacci retracement at 2065.70 exposes the 50% level at 2047.10. Alternatively, a move back above the 23.6% Fib at 2088.70 targets the February 25 high at 2119.40.

Crude Oil Chart Warns of Topping, SPX 500 Sinks to Monthly Low

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices continue to oscillate in a choppy range around the $1200/oz figure. A break below range support at 1178.09 exposes the 38.2% Fibonacci expansion at 1161.16. Range resistance remains at 1214.64.

Crude Oil Chart Warns of Topping, SPX 500 Sinks to Monthly Low

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices put in a Shooting Star candlestick below resistance at 67.55, the 50% Fibonacci expansion, hinting at ebbing upside momentum and warning that a move downward may be ahead. A break below the 38.2% level at 66.09 exposes the 23.6% Fib at 64.29. Alternatively, a push above the 67.55 targets the 61.8% expansion at 69.01.

Crude Oil Chart Warns of Topping, SPX 500 Sinks to Monthly Low

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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