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Chart Signals - Friday, Dec 4

Chart Signals - Friday, Dec 4

Asia Pacific Indices

Australia 200 is testing the bottom of a 5,145 to 5,300 trading channel having been slammed down within the range in the global market selloff. RSI falling under 50 a bearish sign. Next potential support on a breakdown near 5,070 then 5,000.

Japan 225 is breaking down today, plunging from near 19,900 down below 19.500 toward 19,440 with next potential support near 19,380 then 19,255 both Fibonacci levels. RSI breaking an uptrend and 50 confirms the downturn.

Hong Kong 43 has been struggling, recently sliding from near 22,450 toward 22,240 and could fall again today perhaps to test 22.150 a Fibonacci test, 22,000 a round number or 21,825 a channel low. RSI failure at 50 indicates broader downtrend intact.

India 50 has turned downward with an RSI failure at 50 indicating the recent rally was a trading bounce within a larger downtrend. the index has fallen from above 7,900 down toward 7,840 with next potential support near 7,750.

North American and European Indices

US 30 has rolled over hard, falling from near 17,900 down below 17,500 taking out its 200-day average near 17,600 to signal a downturn confirmed by RSI falling under 50. Next potential support near 17,360 a Fibonacci level while resistance falls toward 17,520.

US NDAQ 100 appears to have completed a double top having failed to break through 4,745 and diving down below 4,600 with next potential support near 4,555 then 4,520 the 520-day average, while resistance falls toward 4,610.

US SPX 500 is breaking down falling from near 2,100 where it faltered again down through 2,080, 2,060 and 2,050 which may become resistance with next support possible near 2,040 then 2,015.

Germany 30 has been crushed on the ECB news falling first from 11,300 toward 11,000 then staging a second leg down through 11,000 an on toward 10,760 before bouncing back toward a Fibonacci cluster in the 10,815 to 10,855 area. This failed as well and a third downleg has taken the index down toward the 10,660 to 10,700 area with next support possible near 10,495. RSI falling under 560 confirms downturn in momentum.

UK 100 took a big turn downward falling from above 6,400 down toward 6,200 with next potential support near 6,060 while resistance falls toward 6,310. RSI falling under 50 signals a downturn in momentum.


Gold has rallied up off of $1,050 support toward the $1,062 to $1,064 area but remains in a downtrend well short of resistance near $1.075. RSI suggests downward pressure weakening but all we’ve seen so far from the bulls is brief trading bounces.

Crude Oil WTI continues to stage big swings ahead of Friday’s OPEC meeting rallying up from near $39.25 toward $40.90 before settling out near $40.30 above the key $40.00 level which appears to be pretty well defended. More swings possible around the tomorrow’s decision.


US Dollar Index has a major bearish key reversal underway having touched 100.50 before breaking uptrend support near 99.85 and plunging down below 98.00 and on toward 97.70 with next support possible at the 50-day average near 97.40 while resistance falls toward 98.20.

EURUSD has a massive bullish outside reversal day (engulfing candle)  underway today soaring up from $1.0525 toward $1.0700 initially then staging a second big run up at $1.0900 before retesting  $1.0800 a prior resistance level and then driving on toward $1.0970 within striking distance of the $1.1000 round number.

GBPUSD has rallied up off of $1.4900 initial support blasting through $1.5000 and on toward $1.5120 with next potential resistance on trend near $1.5200 a Fibonacci level. RSI still needs to regain 50 to confirm the upturn.

NZDUSD continues to climb up out of a rounded bottom with support moving up to the 50-day average near $0.6595 and the pair driving up through $0.6700 with net potential resistance near $0.6730 and $0.6800 while support rises toward $0.6680. Rising RSI confirms upward momentum accelerating.

AUDUSD continues its upswing with support rising from $0.7290 toward $0.7340 and the pair advancing on $0.7360 with next potential resistance near $0.7400 the top of a bullish ascending triangle pattern. RSI above 50 and rising confirms growing upward momentum.

USDJPY has fallen back into the lower half of a 122.00 to 124.00 trading channel. RSI is testing 50 where a breakdown would complete a head and shoulders top. Next potential support near 121.80 a previous breakout point then uptrend support near 121.15.

EURJPY has exploded up off of 130.00 round number support driving up through 132.80 and on toward the 133.80 to 134.50 zone where it has levelled off near its 200-day average. Next resistance possible near 136.50.

CADJPY remains stuck in a 91.50 to 93.50 trading range. The index has been testing the bottom with RSI drifting below 50 indicating a breakdown possible with next potential support near 90.45 then the 90.00 round number.

USDSGD has taken a big turn downward, diving from $1.4125 down through $1.4000 and on toward $1.3950 with next potential support near $1.3890. RSI heading down from 50 confirms downward momentum increasing.

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