TechnoMeter

Talking Points:

• US Dollar May Drop Before Larger Advance Resumes Anew
• S&P 500 Continues March Upward, Eyeing July Swing Top
• Crude Oil Chart Setup Suggests a Rebound May Be Brewing

US DOLLAR TECHNICAL ANALYSIS – Prices turned lower as expected, completing a bearish Evening Star candlestick pattern and hinting at further losses ahead. Negative RSI divergence bolsters the case for a downward scenario. A daily close below the 14.6%Fibonacci retracement at 10547 exposes the 23.6% level at 10528. Alternatively, a move above the 38.2% Fib expansion at 10582 opens the door for a challenge of the 50% threshold at 10606.



S&P 500 TECHNICAL ANALYSIS – Prices declined as expected after putting in a bearish Evening Star candlestick pattern. A bounce following a test of the 1900.00 figure sees prices aiming for resistance at 1968.40, the 76.4% Fibonacci retracement, with a close above that targeting the July 24 high at 1991.40. Alternatively, a turn below the 61.8% Fib at 1954.20 aims for the 50% retracement at 1942.80.



GOLD TECHNICAL ANALYSIS – Prices turned lower anew, with sellers testing the 38.2% Fibonacci expansion at 1297.82. A break below this barrier on a daily closing basis exposes the 50% level at 1290.15. Alternatively, a reversal back above the 23.6% Fib at 1307.31 aims for the channel top at 1316.54.



CRUDE OIL TECHNICAL ANALYSIS – Prices put in a bullish Piercing Line candlestick pattern, hinting a rebound is ahead. Near-term resistance is at 97.05, the 14.6% Fibonacci retracement. A daily close above this barrier exposes the 23.6% level at 98.17. Initial support is at 95.24, the August 14 low.



--- Written by Ilya Spivak, Currency Strategist for DailyFX.com


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