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S&P 500 and Crude Oil Rise with Risk Appetite, Gold and US Dollar Sold

THE TAKEAWAY - A near-term S&P 500 recovery threatens to undermine the safe-haven US Dollar. Crude oil set to rise with risk appetite while gold looks set for a pullback.

S&P 500 - Prices found support at 1116.30 - the August 8 closing low - and bounced higher, with the bulls now poised to challenge the 23.6% Fibonacci extension level at 1144.55. A break above this boundary exposes the 14.6% Fib at 1168.95. Alternatively, a reversal lower though current support aims for the August 9 session low at 1080.10.

SP_500_and_Crude_Oil_Rise_with_Risk_Appetite_Gold_and_US_Dollar_Sold_body_Picture_5.png, S&P 500 and Crude Oil Rise with Risk Appetite, Gold and US Dollar Sold

CRUDE OIL - The rebound from 38.2% Fibonacci extension support at $79.43 continues, with prices taking out the 23.6% Fib at $83.07 and now probing above the 14.6% level $85.32. Sustained upside pressure exposes the next layer of resistance at $88.15. The 23.6% Fib has been recast as near-term support.

SP_500_and_Crude_Oil_Rise_with_Risk_Appetite_Gold_and_US_Dollar_Sold_body_Picture_6.png, S&P 500 and Crude Oil Rise with Risk Appetite, Gold and US Dollar Sold

GOLD - Prices are turning sharply lower from resistance at an Andrew's pitchfork top, probing below resistance turned support at $1884.70 (the 76.4% Fibonacci extension level). Negative RSI divergence bolsters the case for a pullback. The boundary is reinforced by the pitchfork's midline, with a push lower targeting the 61.8% extension at $1853.80. Near-term resistance stands at $1917.63.

SP_500_and_Crude_Oil_Rise_with_Risk_Appetite_Gold_and_US_Dollar_Sold_body_Picture_7.png, S&P 500 and Crude Oil Rise with Risk Appetite, Gold and US Dollar Sold

US DOLLAR - Broadly speaking, positioning is little changed from yesterday. Prices continue to stall between 9502 and 9459, the 50% and 61.8%Fibonacci retracement levels. A daily-close break of the lower boundary exposes the 76.4% Fib at 9407 while the resumption of upward momentum targets the 38.2% level at 9544. On balance, anything shy of penetration beneath double bottom support at 9336 keeps the near-term bias bullish.

SP_500_and_Crude_Oil_Rise_with_Risk_Appetite_Gold_and_US_Dollar_Sold_body_Picture_8.png, S&P 500 and Crude Oil Rise with Risk Appetite, Gold and US Dollar Sold

Created Using FXCM Marketscope 2.0

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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