30 April 2012 03:29 GMT 
THE TAKEAWAY: The US Dollar is testing trend-defining support threatening to mark a major bearish reversal while the S&P 500 is working to build momentum above 1400. S&P 500 – Prices took out resistance at 1399.10, the 61.8% Fibonacci retracement level. The bulls now target the 76.4% level at 1409.00. The 1399.10 level has been recast as near-term support.
Daily Chart - Created Using FXCM Marketscope 2.0
CRUDE OIL – Prices took out the first layer of falling trend line resistance to challenge 104.90, a former support level. A break above this boundary targets another falling trend line at 106.01. Near-term support stands at 102.10.
Daily Chart - Created Using FXCM Marketscope 2.0
GOLD – Prices are testing the top of a falling channel set from early March now at 1661.75, with a break higher exposing 1680.35. Support lines up at 1638.02, the 23.6% Fibonacci expansion. Absent a daily close above the channel top, the overall trend remains bearish.
Daily Chart - Created Using FXCM Marketscope 2.0
US DOLLAR – Prices are testing rising trend line set from late July 2011, with a break lower threatening to initiate a material bearish trend change. A confirmed break lower initially exposes 9772. Near-term resistance line up in the 9879-9906 area.
Daily Chart - Created Using FXCM Marketscope 2.0
THE TAKEAWAY: The US Dollar is testing trend-defining support threatening to mark a major bearish reversal while the S&P 500 is working to build momentum above 1400. S&P 500 – Prices took out resistance at 1399.10, the 61.8% Fibonacci retracement level. The bulls now target the 76.4% level at 1409.00. The 1399.10 level has been recast as near-term support. Daily Chart - Created Using FXCM Marketscope 2.0 CRUDE OIL – Prices took out the first layer of falling trend line resistance to challenge 104.90, a former support level. A break above this boundary targets another falling trend line at 106.01. Near-term support stands at 102.10.
Daily Chart - Created Using FXCM Marketscope 2.0 GOLD – Prices are testing the top of a falling channel set from early March now at 1661.75, with a break higher exposing 1680.35. Support lines up at 1638.02, the 23.6% Fibonacci expansion. Absent a daily close above the channel top, the overall trend remains bearish.
Daily Chart - Created Using FXCM Marketscope 2.0 US DOLLAR – Prices are testing rising trend line set from late July 2011, with a break lower threatening to initiate a material bearish trend change. A confirmed break lower initially exposes 9772. Near-term resistance line up in the 9879-9906 area.
Daily Chart - Created Using FXCM Marketscope 2.0
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