Crude Oil Poised To Renew Rebound, S&P 500 Recoils From Range Top
Dailyfx | Apr 20, 2015 05:46AM ET
Talking Points:
- US Dollar Selloff Loses Steam as Prices Drop to Monthly Lows
- S&P 500 Recoils Downward from Familiar Range Resistance
- Gold Prices Treading Water, Crude Oil Aims to Extend Gains
US DOLLAR TECHNICAL ANALYSIS – Selling slowed near monthly lows after three days of aggressive downward momentum. Near-term support is at 11950, the 50% Fibonacci retracement, with a break below that on a daily closing basis exposing the 61.8% level at 11899. Alternatively, a turn above the 38.2% Fib at 12000 clears the way for a test of trend line support-turned-resistance at 12034.
S&P 500 TECHNICAL ANALYSIS – Prices continue to hover below resistance in the 2111.00-19.40 area (23.6% Fibonacci expansion, February 25 high). A break above that on a daily closing basis exposing the 38.2% level at 2154.90. Alternatively, a reversal below the 14.6% Fib at 2084.00 targets the March 12 low at 2040.10.
GOLD TECHNICAL ANALYSIS – Prices have stalled above support at 1185.23, the 23.6% Fibonacci expansion. A break below this barrier exposes the 38.2% level at 1161.16. Near-term resistance is at 1224.15, the April 6 high.
CRUDE OIL TECHNICAL ANALYSIS – Prices look poised to continue higher after clearing resistance in the 62.98-63.56 area (February 17 high, 61.8% Fibonacci expansion). From here, a break above the 76.4% level at 66.16 exposes the 100% level at 70.36. Alternatively, a reversal back below 62.98 targets the 50% Fib at 61.45.
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