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S&P 500 Selling Gains Momentum, US Dollar Breaks Major Resistance
Created on Wednesday, 15 February 2012 21:25Category: US Markets
The S&P 500 is accelerating lower after a failure to overcome the July 2011 high. The US Dollar has cleared major resistance, hinting at gains ahead.
THE TAKEAWAY: The S&P 500 is accelerating lower after a failure to overcome the July 2011 high. The US Dollar has cleared major
S&P 500 – Prices are testing through support at the bottom of a rising channel set from late December, with a confirmed break on a daily close below this boundary exposing the 23.6% Fibonacci retracement at 1325.90. Near-term resistance remains at 1358.60 for now.
Daily Chart - Created Using FXCM Marketscope 2.0
CRUDE OIL – Prices invalidated a Spinning Top candlestick identified yesterday with a break through resistance at 101.28. The bulls now aim to challenge the mid-November swing top at 103.35. The 101.28 level has been recast as near-term support.
Daily Chart - Created Using FXCM Marketscope 2.0
GOLD – Unchanged from yesterday: “Prices appear to be carving out a Head and Shoulders top below resistance at 1763.00, with the peak marked by a Bearish Engulfing candlestick pattern. A daily close below H&S neckline support at 1714.05 is needed for confirmation, exposing a measured target at 1665.03.”
Daily Chart - Created Using FXCM Marketscope 2.0
US DOLLAR – Prices narrowly cleared resistance at 9823, a level marked by the confluence of a horizontal pivot level, an Andrew’s Pitchfork midline, and the 23.6% Fibonacci expansion. The bulls now aim to challenge the 38.2% expansion at 9918. The 23.6% level has been recast as near-term support.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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Courtesy Yahoo Financial News