Talking Points: US Dollar Recoils Downward from 2-Month Trend Resistance S&P 500 Continues to Search for Direction Near 2013 Top Gold Reverses as Expected, Crude Oil Hits Three-Week High US DOLLAR TECHNICAL ANALYSIS - Prices are testing below support in the 10707-27 area, marked by the December 19 high and the 23.6% Fibonacci expansion. A break downward initially targets rising channel support at 10646. Near-term resistance is in the 10761-69 region, bracketed by the 38.2% Fib and the channel's upper boundary. S&P 500 TECHNICAL ANALYSIS - Prices are testing resistance in the 1844.90-49.10 area, marked by the December 31 high and the 14.6% Fibonacci expansion. A break higher exposes the 23.6% level at 1863.10. Near-term support is at 1819.60, the 14.6% Fib retracement. GOLD TECHNICAL ANALYSIS - Prices turned lower as expected after putting in a Shooting Star candlestick below support-turned-resistance at 1261.82, completing a bearish Rising Wedge chart formation. From here, a close beneath horizontal pivot support at 1240.12 exposes 1218.82, the 23.6% Fibonacci expansion. Wedge bottom support-turned-resistance is at 1247.80. CRUDE OIL TECHNICAL ANALYSIS - Prices pushed higher as expected after putting in a bullish Piercing Line candlestick pattern. A break above resistance at 95.97, the 50% Fibonacci retracement, exposes the 61.8% level at 97.09. Reversing below support at 94.85, the 38.2% Fib, aims for the 23.6% retracement at 93.46.
Most Popular Stories
- Koch Brothers Step up Anti-Obamacare Campaign
- FDIC Sues Big Banks Over Rate Manipulation
- SoCalGas Reaches Record Spend on Diversity Suppliers
- Stocks Close Lower Ahead of Crimea Vote
- Vybz Kartel Convicted of Murder
- U.S. Consumer Sentiment Falls in Early March
- Is Malaysian Airlines Flight 370 in Andaman Sea?
- Jittery Investors Dumping Russian Stocks
- Ulta Shares Look Good on Strong Q4
- FDIC Accuses Big Banks of Fraud, Conspiracy