Crude Oil Turns Sharply Lower, SPX 500 Spikes To Lowest In A Month
Dailyfx | May 08, 2015 01:00AM ET
Talking Points:
- US Dollar Stalls After Retreating Back Toward April Swing Low
- S&P 500 Digesting After Hitting the Weakest Level in a Month
- Crude Oil Reverses as Expected
US DOLLAR TECHNICAL ANALYSIS – Prices paused to digest losses after a shallow rebound faltered and took prices back toward April’s bottom. Near-term support is in the 11736-7 area (February 6 low, 38.2% Fibonacci expansion), with a break below that on a daily closing basis exposing the 50% level at 11688. Alternatively, a move above the 23.6% Fib retracement at 11839 clears the way for a test of the 38.2% threshold at 11901.
S&P 500 TECHNICAL ANALYSIS – Prices are edging lower as expected after putting in a Bearish Engulfing candlestick pattern, warning that a double top may be taking shape. A break below the 38.2% Fibonacci retracement at 2065.70 exposes the 50% level at 2047.10. Alternatively, a move back above the 23.6% Fib at 2088.70 targets the February 25 high at 2119.40.
GOLD TECHNICAL ANALYSIS – Prices continue to oscillate in a choppy range around the $1200/oz figure. A break below range support at 1178.09 exposes the 38.2% Fibonacci expansion at 1161.16. Range resistance remains at 1214.64.
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CRUDE OIL TECHNICAL ANALYSIS – Prices turned lower as expected after putting in a Shooting Star candlestick. From here, a break below the 23.6% Fibonacci retracement at 65.57 exposes the 38.2% level at 63.08. Alternatively, a rebound above the 14.6% Fib at 67.10 targets the May 6 high at 69.59.
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