News Column

US Dollar Meets Chart Support, SPX 500 at Pivotal Resistance

February 16, 2014

Ilya Spivak

Talking Points:



  • US Dollar Meets Support After Hitting Three-Month Low
  • S&P 500 Nears Pivotal Resistance at 2013 Yearly High
  • Crude Oil Flat-lined, Gold at Key Major Upside Barrier









    US DOLLAR TECHNICAL ANALYSIS - Prices are testing support at 10527, the 50% Fibonacci expansion. A break below this barrier on a daily closing basis exposes the 61.8% level at 10473. Alternatively, a reversal back above the 38.2% Fib at 10581 sees the first layer of significant resistance at 10648, the 23.6% expansion.



    Forex_US_Dollar_Meets_Chart_Support_SPX_500_at_Pivotal_Resistance_body_Picture_5.png, US Dollar Meets Chart Support, SPX 500 at Pivotal Resistance









    S&P 500 TECHNICAL ANALYSIS - Prices are on pace to produce the longest string of consecutive daily gains in seven months. Buyers are testing resistance in the 1840.20-47.90 area, marked by the 50% Fibonacci expansion and the index's 2013 closing high. Breaking above this boundary initially targets the 61.8% level at 1864.30. Alternatively, a reversal below support in the 1805.70-20.60 area aims for a horizontal pivot level at 1773.40.



    Forex_US_Dollar_Meets_Chart_Support_SPX_500_at_Pivotal_Resistance_body_Picture_6.png, US Dollar Meets Chart Support, SPX 500 at Pivotal Resistance







    GOLD TECHNICAL ANALYSIS - Prices are testing trend line resistance set from April 2013, with a break higher initially exposing the 100% Fibonacci expansion at 1338.17. A further push beyond that aims for the 123.6% level at 1361.83. Alternatively, a reversal below the 76.4% Fib at 1314.51 targets the 61.8% expansion at 1300.00.



    Forex_US_Dollar_Meets_Chart_Support_SPX_500_at_Pivotal_Resistance_body_Picture_7.png, US Dollar Meets Chart Support, SPX 500 at Pivotal Resistance







    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 the 14.6% Fibonacci retracement support at 99.88 initially exposes the 23.6% level at 98.96. Alternatively, a move above 100.73 targets the February 12 high at 101.36, followed by the 76.4% Fib expansion at 101.86.



    Forex_US_Dollar_Meets_Chart_Support_SPX_500_at_Pivotal_Resistance_body_Picture_8.png, US Dollar Meets Chart Support, SPX 500 at Pivotal Resistance






















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    Source: DailyFx


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