Weekly Technical Trade Levels on USD Majors, Commodities & Stocks
- Technical setups we are tracking into the weekly open
- Next Weekly Strategy Webinar: Monday, September 9 at 8:30am EST
- Review the latest Video Updates or Stream Live on my YouTube playlist.
In this webinar we take an in-depth look at the technical trade levels for the US Dollar (DXY), 10yr Treasury Yields, Euro (EUR/USD), British Pound (GBP/USD), Australian Dollar (AUD/USD), Canadian Dollar (USD/CAD), Japanese Yen (USD/JPY), Swiss Franc (USD/CHF), Gold (XAU/USD), CAD/CHF, Crude Oil (WTI), S&P 500 (SPX500), Nasdaq (NDX) and the Dow Jones (DJI). These are the levels that matter on the technical charts heading into the weekly open.
Oil Price Chart – WTI Weekly
Chart Prepared by Michael Boutros, Technical Strategist; WTI on TradingView
Oil prices have plunged into a critical support zone we have been tracking since the start of the year at 70.35-71.33- a region defined by the 78.6% Fibonacci retracement of the 2023 range, the 2022 swing low, and the objective 2024 yearly open. Risk for price inflection off this zone into the start of the month- watch the weekly close on Friday.
A break lower exposes the 2020 swing high near 65.62 with the next major technical consideration seen at 59.16-60.28. Monthly-open resistance stands at 73.60 with a breach above the July low-day close at 75.25 needed to suggest a more significant low is in place. Review my latest Crude Oil Technical Outlook for a closer look at the longer-term WTI trade levels.
S&P 500 Price Chart – SPX500 Daily
Chart Prepared by Michael Boutros, Technical Strategist; US10Y on TradingView
The S&P 500 is poised to mark a massive outside-day reversal off resistance into the start of the month. Initial support rest with the August open at 5540 and is backed by the highlighted technical confluence at 5442/43- a region defined by the August 1 reversal close and the 38.2% retracement of the August rally. Losses would need to be limited to this threshold for the yearly uptrend to remain intact.
Key resistance remains unchanged at 5644/73- a breach / close above this pivot zone is needed to mark uptrend resumption towards the highlighted slope confluence near ~5820s. Note that the monthly opening-range is now being carved just below resistance- look for a breakout to offer guidance in the weeks ahead.
Economic Calendar – Key USD Data Releases
Economic Calendar - latest economic developments and upcoming event risk.
--- Written by Michael Boutros, Sr Technical Strategist with FOREX.com
Follow Michael on X @MBForex
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