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Crude Oil Levitates to Range Top, SPX 500 Digesting Near Record Highs

Crude Oil Levitates to Range Top, SPX 500 Digesting Near Record Highs

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar May Be Preparing to Resume Correction Lower
  • S&P 500 Awaits Direction Cues After Hitting Record High
  • Crude Oil Drifts to Range Top, Gold Still Treading Water

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

US DOLLAR TECHNICAL ANALYSIS – Prices may be preparing to turn lower anew following the formation of a Bearish Engulfing candlestick pattern. A daily close below the 14.6% Fibonacci expansion at 11773 exposes the 23.6% level at 11725. Alternatively, a reversal above the 38.2% Fib retracement at 11836 opens the door for a challenge of the 50% threshold at 11898.

Crude Oil Levitates to Range Top, SPX 500 Digesting Near Record Highs

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 consolidating after breaking range resistance and setting a new record high. From here, a daily close above the 50% Fibonacci expansion at 2140.70 exposes the 61.8% level at 2159.30. Alternatively, a move back below the 38.2% Fib at 2122.10 targets the 23.6% expansion at 2099.10.

Crude Oil Levitates to Range Top, SPX 500 Digesting Near Record Highs

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices are consolidating after issuing the largest daily decline in three weeks. A close below trend line resistance-turned-support at 1205.90 exposes the 23.6% Fibonacci expansion at 1193.38. Near-term resistance is at 1232.30, the May 18 high.

Crude Oil Levitates to Range Top, SPX 500 Digesting Near Record Highs

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices remain locked in a choppy consolidation range below the $70/barrel figure. A daily close below the 23.6% Fibonacci retracement exposes the 38.2% level at 60.27. Alternatively, a move above trend line resistance at 67.69 targets the 23.6% Fib expansion at 69.70.

Crude Oil Levitates to Range Top, SPX 500 Digesting Near Record Highs

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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