Prices continued to edge downward, producing the lowest daily close in a week. Near-term horizontal pivot support is at 11884, with a break below that on a daily closing basis exposing the 38.2% level at 11841.
S&P 500 TECHNICAL ANALYSIS
Prices remain in consolidation
mode. A break below trend line support at 2109.80 exposes the 38.2%
Fibonacci retracement at 2100.00.
GOLD TECHNICAL ANALYSIS
Prices are digesting losses after
claiming a foothold below the $1200/oz figure anew. A close below range
support at 1178.09 exposes the 38.2% Fibonacci expansion at 1169.31.
Alternatively, a rebound above the 23.6% level at 1193.38 targets trend
line support-turned-resistance at 1203.04.
CRUDE OIL TECHNICAL ANALYSIS
Prices rebounded from support
guiding the up move from lows set in mid-January. A push above
downward-sloping resistance at 65.68 exposes the May 6 high at 69.60,
followed by the 38.2% Fibonacci expansion at 70.57. Alternatively, a
move below trend line support at 61.97 targets the 38.2% Fib retracement
at 60.27.