Asia Pacific indices
Australia 200 is breaking down today, taking out 5,300 and diving down into the 5,230 to 5,250 zone with next potential support near 5,180 then a double bottom closer to 5,100. RSI getting oversold but confirming downward momentum for now.
Japan 225 is breaking down today, taking out 20,000 and 19,925 on its way toward 19,690 with next potential support near 19,420 around previous lows. RSI decisively dropping under 50 confirms the downshift in momentum.
Hong Kong 43 is breaking down today, taking out its July low near 22,775 and falling on toward the 22,500 to 22,550 area. RSI getting oversold so a retest looks possible but it could retest its 52-week low near 22,380 first.
Hong Kong China H continues to fall, diving down through 10,500 on its way into the 10,250 to 10,330 range. RSI getting oversold and a positive divergence suggests the potential for a rebound but it could be drawn toward a retest of the 10,000 round number first.
India 50 remains under distribution, falling back under 8,440 a Fibonacci level that has become new resistance, with the downturn confirmed by RSI falling back under 50. Next potential support at the previous low near 8,335, then 8,280.
North American and European Indices
US 30 remains in a downswing today falling from near 17,290 down through 127,125 a Fibonacci level and on toward 17,090 bringing the 17,000 round number and 16,835 levels into view. RSI confirms downward pressure increasing.
US NDAQ 100 has been slammed downward after taking out 4,485 which it retested as new lower resistance diving toward 4,400 and a test of its 200-day average near 4,390. Next downside tests possible near 4,355 then 4,290. RSI confirms downward pressure increasing significantly.
US SPX 500 has fallen back under its 200-day average near 2,080 once again with a nosediving RSI confirming increased downward pressure. Channel support appears near 2,040 with a test of 2,015 or the 2,000 round number possible should that level fail.
Germany 30 is breaking down today falling below its July low near 10,665 then retesting it as new resistance and diving down to test Fibonacci cluster support in the 10,365 to 10,435 range with 10,000 looming if that fails. RSI confirms downward pressure increasing.
UK 100 is breaking down today taking out 6,400 its previous low and a Fibonacci level, and then subsequently retesting it as new resistance and driving down again toward 6,350. Next potential downside support test appears in the 6,250 to 6,290 area.
Gold is rallying again today, confirming yesterday’s breakout over $1,126 with support rising toward $1,138 while the price blasts through $1,143 and $1,150 with next potential resistance near $1.160 a Fibonacci level. RSI confirms upward momentum increasing.
Crude Oil WTI has found some support above the $40.00 round number for now, bouncing up from $40.20 toward $41.30 but this already appears to be fading with the price dropping back toward $40.80. Oversold RSI suggests some near term consolidation possible.
US Dollar Index is testing the low end of its 96.00 to 98.00 trading channel with resistance falling toward 96.30 from 96.50. RSI still under 50 indicates momentum turning downward with next potential support near 95.50 then 95.00.
NZDUSD continues to build a base for recovery in the $0.6475 to $0.6640 range with next resistance near $0.6775 a 23% retracement of the previous downleg. RSI testing 50 where a breakout would signal an upturn in momentum.
AUDUSD is holding steady within 10 pips of $0.7350 within a $0.7200 to $0.7450 range. It needs to break out and clear 50 on the RSI to indicate momentum has changed and this isn’t just another bear market pause.
USDJPY is breaking down today, taking out its 50-day average near 123.65 to signal a downturn confirmed by RSI falling under 50. Next potential support near 123.30 then 122.50 and 121.70 all Fibonacci levels.
EURJPY held support near 136.90 and has bounced upward through 137.90 and on toward 138.40 with next resistance near 138.80. Higher lows in the RSI indicate underlying uptrend remains intact.