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S&P 500, Crude Oil Positioning Hints US Dollar Rebound Ahead

THE TAKEAWAY - S&P 500 and crude oil technical positioning hints the return of risk aversion may be ahead, alluding to renewed gains in the safe-haven US Dollar.

S&P 500 - A candle in Star position below the 1200 figure hints a pullback may be ahead, although confirmation is needed on a daily close at least below 1179.80 on the current candle. Initial support lines up at the top of a falling channel set from late August, a former resistance, now at 1175.20.

SP_500_Crude_Oil_Positioning_Hints_US_Dollar_Rebound_Ahead_body_Picture_5.png, S&P 500, Crude Oil Positioning Hints US Dollar Rebound Ahead

CRUDE OIL - Prices put in a Spinning Top candlestick below resistance at the top of a falling channel set from early May, pointing to ebbing conviction behind bullish momentum and hinting a reversal lower may be ahead. Initial support lines up at $83.65, with a break below that exposing $79.58.

SP_500_Crude_Oil_Positioning_Hints_US_Dollar_Rebound_Ahead_body_Picture_6.png, S&P 500, Crude Oil Positioning Hints US Dollar Rebound Ahead

GOLD - Unchanged from yesterday: "Prices remain locked in a choppy range between the 14.6% and 38.2% Fibonacci retracements at 1589.14 and 1680.78 respectively. A break below immediate support exposes the September 26 low at 1532.45. Alternatively, a push higher through the range top exposes the 50% Fib at 1726.60."

SP_500_Crude_Oil_Positioning_Hints_US_Dollar_Rebound_Ahead_body_Picture_7.png, S&P 500, Crude Oil Positioning Hints US Dollar Rebound Ahead

US DOLLAR - Prices found support near 9852, the 38.2% Fibonacci retracement, with a bounce from here seeing initial resistance at the 23.6% level (9960). Alternatively, renewed selling through immediate support exposes the 50% Fib at 9765.

SP_500_Crude_Oil_Positioning_Hints_US_Dollar_Rebound_Ahead_body_Picture_8.png, S&P 500, Crude Oil Positioning Hints US Dollar Rebound Ahead

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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