Dollar Pressing Higher as S&P 500 Continues to Stall

RELATED QUOTES

SymbolPriceChange
^USDOLLAR12,339.45+21.13

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.

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...

Explore Related Contents

 
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 MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.225-0.045-16.67%
    N21.SI
    0.135+0.004+3.05%
    41F.SI
    0.191-0.007-3.54%
    40F.SI
    0.180.00-2.70%
    40E.SI
    0.1060.0000.00%
    5WA.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.60+0.28+87.50%
    AWC.SI
    0.48+0.17+54.84%
    BCD.SI
    0.35+0.08+29.63%
    BQO.SI
    0.515+0.065+14.44%
    T55.SI
    0.155+0.019+13.97%
    BKZ.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.225-0.045-16.67%
    N21.SI
    0.215-0.040-15.69%
    AWI.SI
    0.138-0.017-10.97%
    1C0.SI
    0.11-0.01-9.84%
    BRR.SI
    0.575-0.055-8.73%
    600.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.4040-0.0035-0.25%
    USDSGD=X
    1.4795-0.0094-0.63%
    EURSGD=X
    1.7461-0.0204-1.15%
    GBPSGD=X
    79.5820-0.48-0.60%
    SGDJPY=X
    5.5214+0.0106+0.19%
    SGDHKD=X
    3.1593-0.0033-0.10%
    SGDMYR=X
    9,520.9463-3.3887-0.04%
    SGDIDR=X
    4.8855+0.0077+0.16%
    SGDCNY=X
    1.0768-0.0087-0.80%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,258.00+6.60+0.53%
    GCJ17.CMX
    18.34+0.23+1.26%
    SIH17.CMX
    88.62-0.99-1.10%
    ^XAU
    2.68+0.02+0.92%
    HGK17.CMX
    54.02-0.43-0.79%
    CLJ17.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.80-0.07
    ^FVX
    2.32-0.07
    ^TNX
    2.95-0.07
    ^TYX