Dow Jones had been trading in a long-term range (marked in the chart above) and has had 4 major price reversals since then. As can be seen from the chart, Dow had bounced off post 2008 recession (marked as the 4th reversal) and after a small dip in this major rally near the resistance line, finally closed above it. Dow has retested the upward sloping line to mark...
Technically, the oil prices are on a strong footing and a monthly close above $115 per barrel would only take the prices higher, towards $145 a barrel, which is near an all-time high. Oil is currently trading above the important Fibonacci retracement level of 61.8% and faces resistance in the price band of $ 115-120 a barrel.
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Above is a long-term S&P500 monthly chart which clearly represents a breakout from a major resistance zone of 1600, and sets the future price target at 2400.
The index is currently placed in the midst of the price band 81.5-79 and only after a weekly close beyond the two mentioned levels must the direction of USDX be confirmed.
