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Crude Oil Coils Up at Trend Support, SPX 500 Sinks to Monthly Low

Crude Oil Coils Up at Trend Support, SPX 500 Sinks to Monthly Low

2015-06-09 00:59:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Digesting in Choppy Range After Hitting 7-Week High
  • S&P 500 Extends Decline for 3rd Straight Day, Hits Monthly Low
  • Gold Hits 3-Month Low, Crude Oil Marks Time at Trend Support

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

US DOLLAR TECHNICAL ANALYSIS – Prices areconsolidating in a choppy range after opening June at a seven-week high. A daily close below the 38.2% Fibonacci retracement at 11887 exposes the 50% level at 11839. Alternatively, a rebound above the 12024-43 area (June 1 and June 5 highs) clears the way for a test of double top resistance at 12149.

Crude Oil Coils Up at Trend Support, 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 continue to push lower after breaking two-month trend support. Sellers are now challenging the 61.8% Fibonacci retracement at 2077.20, with a break below that exposing the 76.4% level at 2063.00. Alternatively, a move back above the 50% Fib at 2088.60 targets the 38.2% retracement at 2100.00.

Crude Oil Coils Up at Trend Support, SPX 500 Sinks to Monthly Low

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices are digesting losses after dropping to a three-month low. A break below the 38.2% Fibonacci expansion at 1169.31 exposes the 50% level at 1149.85. Alternatively, a move above support-turned-resistance at 1178.09, the March 31 low, targets the 23.6% Fib at 1193.38.

Crude Oil Coils Up at Trend Support, SPX 500 Sinks to Monthly Low

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices continue to test support at a rising trend line guiding the move higher since mid-January. A break below this barrier (now at 62.49) exposes the 38.2% Fibonacci retracement 60.27. Alternatively, a reversal above downward-sloping resistance at 65.23 targets the May 6 high at 69.60.

Crude Oil Coils Up at Trend Support, 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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