US Dollar technical positioning continues to favor gains after a brief pullback. The SPX 500 appears vulnerable after setting a new record high.

Talking Points:

  • US Dollar Chart Positioning Favors Gains After Corrective Pullback
  • S&P 500 Sets New Record High But Bullish Momentum May Unravel
  • Gold May Be Shaping Double Bottom, Crude Oil Could Start Bounce

US DOLLAR TECHNICAL ANALYSIS – Prices pulled back to retest resistance-turned-support at 10565, marked by the top of a falling channel set from July and a horizontal barrier in play since late September. A break below this eyes the November 6 low at 10492. Near-term resistance is at 10653, the 23.6% Fibonacci expansion, with a push above that targeting the 38.2% level at 10839.

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S&P 500 TECHNICAL ANALYSIS – Prices cleared resistance at 1771.30, the 23.6% Fibonacci expansion, exposing the 38.2% level at 1790.50. A further push beyond that eyes the 50% Fib at 1806.10. Negative RSI divergence warns of ebbing bullish momentum however, warning of a possible reversal in the works. A turn back below 1771.30 initially exposes the November 8 low at 1740.10.

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