S&P 500 Down, Dollar Up – Technical Analysis
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The S&P 500 remains poised to correct some more. Will be watching for either a horizontal pattern to develop or whether the old high at 4545 wants to get tested. That would be interesting as we have seen in recent history old highs get tested and hold before trend resumption.
The US Dollar via the DXY punched through major resistance yesterday on a big inflation print. This has the DXY heading higher towards a couple of resistance levels. One thing I will be watching for is whether the DXY can pull back soon and test the breakout and potentially offer up a good risk/reward long entry.
For the full details, please check out the video above…
S&P 500 Daily Chart
US Dollar Index (DXY) Daily Chart
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---Written by Paul Robinson, Market Analyst
You can follow Paul on Twitter at @PaulRobinsonFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.