News Column

Dollar Selloff Continues, SPX 500 Warning of Reversal Ahead

February 13, 2014

Ilya Spivak

Talking Points:



  • US Dollar Selloff Continues as Prices Hit 2-Month Low
  • S&P 500 Chart Setup Hints at Possible Downturn Ahead
  • Crude Oil May Be Positioning to Produce a Double Top









    US DOLLAR TECHNICAL ANALYSIS - Prices are testing through support at 10601, a barrier marked by the 38.2% Fibonacci retracement and a falling trend line set from mid-December. A daily close below this boundary targets the 50% retracement at 10554. Alternatively, a reversal back above horizontal support-turned-resistance at 10620 exposes 10660, the 23.6% Fib level.



    Forex_Dollar_Selloff_Continues_SPX_500_Warning_of_Reversal_Ahead_body_Picture_5.png, Dollar Selloff Continues, SPX 500 Warning of Reversal Ahead









    S&P 500 TECHNICAL ANALYSIS - Prices are testing resistance in the 1804.80-27.90 area, a region marked a horizontal pivot cluster and a pair of rising trend lines. A break higher on a daily closing basis aims for 1847.90, the index's 2013 closing high. Alternatively, a move reversal downward sees the first major level of medium-term support at 1773.40. A Shooting Star candlestick pattern warns of a possible reversal lower in the works.



    Forex_Dollar_Selloff_Continues_SPX_500_Warning_of_Reversal_Ahead_body_Picture_6.png, Dollar Selloff Continues, SPX 500 Warning of Reversal Ahead







    GOLD TECHNICAL ANALYSIS - Prices broke above resistance at 1288.05, the 50% Fibonacci expansion. Buyers now aim to challenge the 61.8% level at 1299.88. A further push beyond that exposes the 76.4% Fib at 1314.51. Alternatively, a reversal back below 1288.05 eyes the 38.2% Fib at 1276.22.



    Forex_Dollar_Selloff_Continues_SPX_500_Warning_of_Reversal_Ahead_body_Picture_7.png, Dollar Selloff Continues, SPX 500 Warning of Reversal Ahead







    CRUDE OIL TECHNICAL ANALYSIS - Prices put in a Shooting Star candlestick below resistance at 100.73, the December 27 high, hinting a reversal lower may be in the works. Breaking below 23.6% Fibonacci retracement support at 98.96 initially exposes the 38.2% level at 97.48.



    Forex_Dollar_Selloff_Continues_SPX_500_Warning_of_Reversal_Ahead_body_Picture_8.png, Dollar Selloff Continues, SPX 500 Warning of Reversal Ahead






















  • For more stories on investments and markets, please see HispanicBusiness' Finance Channel



    Source: DailyFx


    Story Tools