The S&P 500 has cleared another near-term support level, bringing a major top closer to fruition and hinting the safe-haven US Dollar will continue to strengthen. THE TAKEAWAY –The S&P 500 has cleared another near-term support level, bringing a major top closer to fruition and hinting the safe-haven US Dollar will continue to strengthen. S&P 500 – The formation of the Head and Shoulders top we initiallynoticed two weeks ago and have beenmonitoring since continues play out, with prices taking out 50% Fibonacci retracement support at 1308.24. This level has been recast as interim resistance, with the bears now aiming for the 61.8% boundary at 1296.34. The S&P 500 has cleared another near-term support level, bringing a major top closer to fruition and hinting the safe-haven US Dollar will continue to strengthen. THE TAKEAWAY –The S&P 500 has cleared another near-term support level, bringing a major top closer to fruition and hinting the safe-haven US Dollar will continue to strengthen. S&P 500 – The formation of the Head and Shoulders top we initiallynoticed two weeks ago and have beenmonitoring since continues play out, with prices taking out 50% Fibonacci retracement support at 1308.24. This level has been recast as interim resistance, with the bears now aiming for the 61.8% boundary at 1296.34. GOLD – Prices are testing resistance at $1607.43, the 161.8% Fibonacci extension of the 6/22-7/1 decline, with negative RSI divergence suggesting upward momentum is fading and arguing for a pullback. Initial channel support stands at $1591.59, with a break below that exposing the 123.6% Fib at $1576.90. Alternatively, a move above current resistance targets the 176.4% extension at $1619.10.Longer-term positioning remains broadly bullish. US DOLLAR – Positioning is little changed from yesterday, with prices inching higher from support at the lower boundary of a Triangle consolidation pattern, eyeing resistance at the formation’s upper boundary still squarely at the 9700 figure. A break above this exposes critical triple top resistance at 9742, with a subsequent piercing of that level amounting to a meaningful upward trend change. For real time news and analysis, please visithttp://www.dailyfx.com/real_time_news

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