$ Dollar Sets Sights on 2011 Top as S&P 500 Carves Out Topping Pattern

The Takeaway: the U.S. Dollar is to challenge the resistance which selected prices since early 2011, while the & S P 500 is followed bearish reversal graphic training.

S & P 500 - prices seem to be earning a high graphic formation of the head and shoulders. Confirmation is required on a near daily under the support of the neckline to 1392.10, which would expose them to a goal of decline measured at 1359.30. Short term resistance aligns to the 1402.90, the 23.6% Fibonacci expansion level.

HR 4 chart - created with FXCM Marketscope 2.0

Crude oil - price breaks drop channel support all late February and cleared of support in the area of 102 97-103 21 to challenge Fibonacci 61.8% to 101.19 allows. A break below this level exposes rising trend line support set from December 16, low, now at 99.77. 102 97-103 21 Region has been redesigned as a short term resistance.

Daily chart - created with FXCM Marketscope 2.0

Gold - price has 38.2% Fibonacci expansion support for the 1634.76 to challenge the level of 50% to 1615.46. A break below this limit is the 61.8% Fib to 1596.16. The 1634.76 level is now as short term resistance.

Daily chart - created with FXCM Marketscope 2.0

DOLLAR - prices have the tracing of 9997 23.6% Fibonacci resistance with the bulls now to challenge the 10081-10134 area which has selected the greenback since mid January 2011. The level of 9997 has 

Consolidated support in the short term.

Daily chart - created with FXCM Marketscope 2.0