Today is Fri, November 17, 2017 23:01:44 GMT
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Contributors US Dollar Sinks Toward Trend Support, SPX 500 Still Flat

Talking Points:

  • US Dollar Falters at Resistance, Moves to Channel Support
  • S&P 500 Still Oscillating in a Narrow Consolidation Range
  • Crude Oil Hits One-Month High, Gold Prices Find Support

US DOLLAR TECHNICAL ANALYSIS – Prices fell below resistance-turned-support at 10718 (December 19 high), exposing the 10648-61 area marked by the bottom of a rising channel set from November and the 23.6% Fibonacci retracement. A break lower initially targets the 38.2% level at 10602. Alternatively, a turn back above 10718 eyes the 10756-70 region (January 21 high, rising channel top).

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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.

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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. A close back above 1240.12 – a horizontal pivot – aims for the Wedge bottom at 1251.65. Turning back below 1235.28, the 14.6% Fibonacci expansion, exposes the 23.6% level at 1218.82.

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CRUDE OIL TECHNICAL ANALYSIS – Prices pushed higher as expected after putting in a bullish Piercing Line candlestick pattern. A break above resistance at 97.09, the 61.8% Fibonacci retracement, exposes the 76.4% level at 98.48. Reversing below support at 95.97, the 50% Fib, aims for the 38.2% retracement at 94.85.

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