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The S&P 500 edged lower while the US Dollar continued to stall ahead of familiar resistance as markets looked ahead to the much-anticipated Jackson Hole Symposium.

THE TAKEAWAY: The S&P 500 edged lower while the US Dollar continued to stall ahead of familiar resistance as markets looked ahead to the much-anticipated Jackson Hole Symposium.

S&P 500 – Prices are edging lower after putting in a Spinning Top candlestick below resistance in the 1415.10-24.90 area marked by the March and May swing tops. Initial support remains at 1392.10, with a breach below that targeting a minor downside hurdle at 1376.10 and a more significant one at 1363.90. Alternatively, a break above resistance initially exposes a channel top at 1439.20, followed by the May 20 2008 high at 1440.20.

SP_500_Nudges_Lower_as_US_Dollar_Stalls_at_Key_Resistance_body_Picture_5.png, S&P 500 Nudges Lower as US Dollar Stalls at Key Resistance

Daily Chart – Created Using FXCM Marketscope 2.0

CRUDE OIL – Prices continue to edge lower after taking out support at 95.41, the February 2 low, having completed a Bearish Engulfing candlestick pattern below resistance at the 61.8% Fibonacci retracement (97.82). Near-term support now stands at 93.90, the 50% Fib, with a break below that targeting 92.51. The 95.41 level has been recast as resistance, with a break back above that exposing 97.82 anew.

SP_500_Nudges_Lower_as_US_Dollar_Stalls_at_Key_Resistance_body_Picture_6.png, S&P 500 Nudges Lower as US Dollar Stalls at Key Resistance

Daily Chart – Created Using FXCM Marketscope 2.0

GOLD – Prices edged lower after putting in a Doji candlestick below trend-defining resistance at a falling trend line set from the August 23 2011 swing high, taking out initial support is at the 50% Fibonacci retracement (1658.55). Sellers now aim to challenge the 38.2% level at 1627.46. The 1658.55 level has been recast as resistance, with a break above that opening the door for test of trend line resistance now at 1668.60.

SP_500_Nudges_Lower_as_US_Dollar_Stalls_at_Key_Resistance_body_Picture_7.png, S&P 500 Nudges Lower as US Dollar Stalls at Key Resistance

Daily Chart – Created Using FXCM Marketscope 2.0

US DOLLAR – Prices are stalling below a confluence of resistance marked by the top of a falling channel established from the July 12 high (10037), the underside of a rising trend set from late July 2011 (10033), and the midline of a larger channel carved out since late May (10051). A break above the latter level exposes the channel top at 10146. Initial channel support is at 9943, with a break below that exposing 9876.

SP_500_Nudges_Lower_as_US_Dollar_Stalls_at_Key_Resistance_body_Picture_8.png, S&P 500 Nudges Lower as US Dollar Stalls at Key Resistance

Daily Chart – Created Using FXCM Marketscope 2.0

— Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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This article was provided by DailyFX.com.