THE TAKEAWAY:
The US Dollar plunged through
long-term support but found no follow-through from risk appetite trends as the
S&P 500 continued to tread water at resistance.
S&P
500 – Prices put in a Spinning Top candlestick at
resistance in the 1415.10-24.90 area marked by the March and May swing tops,
pointing to ebbing bullish conviction and warning a reversal lower may be ahead.
Initial support remains at 1392.10, with a break below that exposing a minor
downside barrier at 1376.10 and a more significant one at 1363.90.
Alternatively, a turn higher beyond resistance initially targets 1440.20, the
May 20 2008 high.
Daily Chart - Created
Using FXCM Marketscope 2.0
CRUDE OIL – Prices are testing resistance at 97.82,
the 61.8% Fibonacci retracement, with a break higher exposing a falling trend
line set from the late-February swing top now at 99.24. This barrier is
reinforced by the psychologically significant $100/barrel figure. Near-term
support is at 95.41, the February 2 low, with a drop back below that targeting
the 50% Fib at 93.90.
Daily Chart - Created
Using FXCM Marketscope 2.0
GOLD – Prices are en route to test a major
falling trend line set from the August 23 2011 peak, now at 1663.13, after
breaking resistance in the 1620.45-35.70 congestion area. A break above this
barrier would mark a significant bullish trend development and initially open
the door for a challenge of 1680.00. The 1620.45-35.70 area has been recast as
near-term support.
Daily Chart - Created
Using FXCM Marketscope 2.0
US DOLLAR – Prices punched through long-term rising
trend line support set from early August 2011 to test the bottom of a falling
channel set from late May, with a break to the downside exposing the lower
boundary of a steeper channel at 9916. The trend line, now at 10020, has been
recast as near-term resistance, with a break above that exposing 10062.
Daily Chart - Created
Using FXCM Marketscope 2.0
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