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S&P 500 Creeps Past Support, Hinting US Dollar Rebound to Continue
The S&P 500 has inched below a technical support level, hinting at further weakness that promises to offer support to the safe-haven US Dollar. S&P 500 – Prices edged through support at the bottom of a rising channel set from late December, exposing 23.6% Fibonacci support at 1302.90. A break below this barrier targets the 38.2% level at 1283.50. The channel bottom, now at 1317.00, has been recast as near-term resistance. Daily Chart - Created Using FXCM Marketscope 2.0 CRUDE OIL – Prices continue to consolidate above support at 97.70, with the first layer of resistance still at 101.28. A break lower exposes ... (full story)