Crude Oil Selloff Resumes, SPX 500 Drops Most In 2 Months
Dailyfx | Dec 11, 2014 01:15AM ET
Talking Points:
- US Dollar Correction Continues for Third Consecutive Day
- S&P 500 Accelerates Downward, Falls Most in Two Months
- Gold Stalls Following Breakout, Crude Oil Drop Resumes
US DOLLAR TECHNICAL ANALYSIS – Prices turned lower from a five-year high as expected after completing a bearish Evening Star candlestick pattern. Near-term support is at 11379, the 23.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 38.2% level at 11291. Alternatively, a reversal above the 14.6% Fib at 11434 clears the way for a test December 8 high at 11522..
S&P 500 TECHNICAL ANALYSIS – Prices turned lower as expected , issuing the largest decline in two months. A push below the 2018.10-22.10areamarked by the 23.6%Fibonacci retracementand theSeptember 19 highexposes the 38.2% level at 1980.00. Alternatively, a reversal back above the 2041.50-49.10 zone (14.6% Fib, December 1 low) targets the 2075.90-79.60 region (November 26 and December 5 highs).
GOLD TECHNICAL ANALYSIS – Prices paused to consolidate after clearing resistance at a falling trend line set from early July. A break above the 50% Fibonacci retracement at 1237.59 on a daily closing basis exposes the 61.8% level at 1262.96. Alternatively, a turn back below the intersection of the trend line and the 38.2% Fib at 1212.23 targets the 23.6% retracement at 1180.84.
CRUDE OIL TECHNICAL ANALYSIS – Prices continued to move lower after yesterday’s brief respite, with sellers now testing the 61.8% Fibonacci expansion at 64.30. A break below that on a daily closing basis exposes the 76.4% level at 62.25. Alternatively, a reversal above the 50% Fib at 65.96 targets the 38.2% expansion at 67.63.
Get The News You Want
Original post
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.