S&P 500 Breaks Range Top, US Dollar Losses Grip on Support

[ramonramirez]

S&P 500 Breaks Range Top, US Dollar Losses Grip on Support

THE TAKEAWAY: The S&P 500 took out the top of the range that contained prices for the past two weeks while the US Dollar slipped below support in place from late March.

 

[Andrefx]

The large blend index is now facing one of the most important weeks that will determine if the rising continue or we going to see sharp declines again. The index broke above the important resistance at 1400 points but it will have to close the week above this level in order to send a positive signal to the buyers. Otherwise, it might fall to the recent support at 1350 point, in which a break-down there might bring back the sellers to the markets. I also would not eliminate the possibility that we are going to see the S&P 500 stamping between 1350 and 1400 points for several weeks or even more.

 

[Weizfx]

The S&P failed in breaking through 1400 points because the opened gap pulled it down. The gap was closed last week and it was a great timing for opening long position on the US indices and trade against the USD (except vs the Euro).