Dollar Pressing Higher as S&P 500 Continues to Stall

RELATED QUOTES

SymbolPriceChange
^USDOLLAR10,446.34-7.34

THE TAKEAWAY: US Dollar continues to press higher, touching an 8-month high, while the S&P 500 is stalling near the 1500 mark and warning of ebbing upward momentum.

US DOLLAR TECHNICAL ANALYSIS Prices are testing resistance at 10273, the 100% Fibonacci expansion. A break above that exposes the 123.6% level at 10330. Near-term support is in the 10207-16 area, marked by the 76.4% Fib and rising channel resistance-turned-support. A drop back below that eyes the 61.8% expansion at 10181.

Forex_Analysis_Dollar_Pressing_Higher_as_SP_500_Continues_to_Stall_body_Picture_4.png, Dollar Pressing Higher as S&P 500 Continues to Stall

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices are hovering above support at 1495.90, the 100% Fibonacci expansion. Negative RSI divergence warns of ebbing bullish momentum, hinting a reversal lower may be ahead. A break downward initially exposes the 1470.30-74.90 area, marked by the September 14 high and the 76.4% Fib. Initial resistance is at 1521.30, the 123.6% expansion, with a push above that aiming for the 138.2% level at 1537.00.

Forex_Analysis_Dollar_Pressing_Higher_as_SP_500_Continues_to_Stall_body_Picture_3.png, Dollar Pressing Higher as S&P 500 Continues to Stall

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices continue to hover above rising trend line support dating back to mid-May (1657.55), with a bullish Morning Star candlestick pattern arguing for an upside bias. Near-term resistance is at 1690.39, the 38.2% Fibonacci retracement, followed by a falling channel top at 1694.42. Alternatively, a drop below support targets the January 4 low at 1625.69 and the 1600/oz figure.

Forex_Analysis_Dollar_Pressing_Higher_as_SP_500_Continues_to_Stall_body_Picture_2.png, Dollar Pressing Higher as S&P 500 Continues to Stall

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices broke lower as expected, taking out the bottom of a Rising Wedge chart formation, after putting in a bearish Dark Cloud Cover candlestick pattern. Initial support is at 95.14, the 23.6% Fibonacci retracement, with a break below that exposing the 38.2% level at 93.24. Near-term resistance is marked by the January 30 high at 98.21.

Forex_Analysis_Dollar_Pressing_Higher_as_SP_500_Continues_to_Stall_body_Picture_1.png, Dollar Pressing Higher as S&P 500 Continues to Stall

Daily Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

Loading...
 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2491-0.0018-0.15%
    USDSGD=X
    1.7310+0.0028+0.16%
    EURSGD=X
    2.1023+0.001+0.05%
    GBPSGD=X
    81.7258-0.0106-0.01%
    SGDJPY=X
    6.2087+0.0098+0.16%
    SGDHKD=X
    2.5924+0.0006+0.02%
    SGDMYR=X
    9,150.9189+7.9014+0.09%
    SGDIDR=X
    4.9791+0.0061+0.12%
    SGDCNY=X
    1.1693-0.0027-0.23%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,298.70-4.80-0.37%
    GCM14.CMX
    19.55-0.09-0.45%
    SIK14.CMX
    90.83-1.04-1.14%
    ^XAU
    3.04+0.01+0.35%
    HGK14.CMX
    103.78+0.02+0.02%
    CLK14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.65+0.04
    ^FVX
    2.64+0.01
    ^TNX
    3.45-0.01
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.115-0.002-1.71%
    B22.SI
    0.48+0.020+4.35%
    5GJ.SI
    2.27+0.090+4.13%
    5ME.SI
    2.190.0000.00%
    JS8.SI
    0.61+0.005+0.83%
    E5H.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.162+0.034+26.56%
    5GF.SI
    0.20+0.034+20.48%
    5WD.SI
    0.59+0.050+9.26%
    L5I.SI
    0.28+0.020+7.69%
    C33.SI
    0.215+0.015+7.50%
    5UE.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.103-0.010-8.85%
    5OS.SI
    0.112-0.008-6.67%
    5RC.SI
    0.355-0.025-6.58%
    KJ9.SI
    0.215-0.015-6.52%
    F9M.SI
    0.29-0.020-6.45%
    5PC.SI