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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

2015-05-22 05:56:00
Ilya Spivak, Head Strategist, APAC
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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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