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Crude Oil Drops Most in 7 Months, SPX 500 Closes Weekly Open Gap

Crude Oil Drops Most in 7 Months, SPX 500 Closes Weekly Open Gap

Ilya Spivak, Head Strategist, APAC

Talking Points:

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

US DOLLAR TECHNICAL ANALYSIS – Prices moved upward as expected after producing a bullish Morning Star candlestick pattern. A daily close above the 61.8% Fibonacci expansion at 11985 exposes the 76.4% level at 12044. Alternatively, a turn below the 50% Fib at 11937 clears the way for a test of the 38.2% level at 11888.

Crude Oil Drops Most in 7 Months, SPX 500 Closes Weekly Open Gap

** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.

S&P 500 TECHNICAL ANALYSIS – Prices recovered to close the weekly opening gap that emerged in the wake of the outcome of Greece’s EU debt deal referendum over the weekend. From here, a break above the 38.2% Fibonacci retracement at 2076.00 exposes the 50% level at 2086.30. Alternatively, a move below the 23.6% Fib at 2063.40 targets the 14.6% expansion at 2055.60.

Crude Oil Drops Most in 7 Months, SPX 500 Closes Weekly Open Gap

GOLD TECHNICAL ANALYSIS – Prices continue to consolidate in familiar territory after probing the lowest level in four months. A daily close below the 61.8% Fibonacci expansion at 1162.64 exposes the 76.4% level at 1152.47. Alternatively, a move above the 50% Fib at 1170.86 targets the 38.2% expansion at 1179.07.

Crude Oil Drops Most in 7 Months, SPX 500 Closes Weekly Open Gap

CRUDE OIL TECHNICAL ANALYSIS – Prices accelerated downward, issuing the largest daily decline in over seven months. From here, a break below the 61.8% Fibonacci retracement at 54.50 exposes the 76.4% level at 50.94. Alternatively, a move back above the 50% Fib at 57.39 targets the 38.2% retracement at 60.27.

Crude Oil Drops Most in 7 Months, SPX 500 Closes Weekly Open Gap

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

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