Talking Points:
- US Dollar May Be Preparing to Resume Correction Lower
- S&P 500 Awaits Direction Cues After Hitting Record High
- Crude Oil Drifts to Range Top, Gold Still Treading Water
US DOLLAR TECHNICAL ANALYSIS – Prices may be preparing to turn lower anew following the formation of a Bearish Engulfing candlestick pattern. A daily close below the 14.6% Fibonacci expansion at 11773 exposes the 23.6% level at 11725. Alternatively, a reversal above the 38.2% Fib retracement at 11836 opens the door for a challenge of the 50% threshold at 11898.
S&P 500 TECHNICAL ANALYSIS – Prices are consolidating after breaking range resistance and setting a new record high. From here, a daily close above the 50% Fibonacci expansion at 2140.70 exposes the 61.8% level at 2159.30. Alternatively, a move back below the 38.2% Fib at 2122.10 targets the 23.6% expansion at 2099.10.
GOLD TECHNICAL ANALYSIS – Prices are consolidating after issuing the largest daily decline in three weeks. A close below trend line resistance-turned-support at 1205.90 exposes the 23.6% Fibonacci expansion at 1193.38. Near-term resistance is at 1232.30, the May 18 high.
CRUDE OIL TECHNICAL ANALYSIS – Prices remain locked in a choppy consolidation range below the $70/barrel figure. A daily close below the 23.6% Fibonacci retracement exposes the 38.2% level at 60.27. Alternatively, a move above trend line resistance at 67.69 targets the 23.6% Fib expansion at 69.70.
