Asia Pacific indices
Australia 200 is retesting its 52-week low and a previous double bottom near 5,100 with next potential support at the 5,000 round number if that fails. RSI getting oversold so a bounce looks possible with initial resistance near 5,200 then 5,255.
Hong Kong 43 has broken down to a new 52-week low below 22,380 with next potential support possible near the 22,000 round number or 21,600. A positive RSI divergence suggests downward mo slowing with initial bounce resistance near 22,800 a prior low.
Hong Kong China H is testing 10,000 support, having completed a round trip back to its 52-week low. A positive RSI divergence indicates downward momentum slowing. Initial bounce resistance possible near 10,340 a previous low.
India 50 has turned decisively downward, having gapped below 8,335 and dropped down through 8,280 both of which could become new resistance. Next support near 8,200 then 8,080. RSI back under 50 confirms a downturn in momentum.
Japan 225 has been pounded down toward 19,000 the bottom of a trading channel and the neckline of a big head and shoulders top. Next support on a breakdown possible near 18,740 or 18,210 both Fibonacci levels. RSI getting oversold suggests a bounce possible with initial resistance near 19,690.
North American and European Indices
US 30 broke down through 16,835 completing a 62% retracement of the October to May rally and diving on toward 16,465. While we could see some follow through this week, RSI is now at its most oversold in two years, so we could get a bounce at some point. Next support near 16,285 with initial resistance near 16,675 a previous low.
US NDAQ 100 plunged after taking out Fibonacci and channel support near 4,355 diving down through 4,290 and on toward 4,200. RSI getting oversold so a bounce possible. Initial resistance near 4,290 with next downside support near 4,130 then 4,030.
US SPX 500 dove down through the 2,000 level Friday which may emerge as new resistance should we get a relief rally to ease an oversold RSI. Support has emerged near 1,975 with the next downside Fibonacci test near 1,940 should selling pressure continue.
Germany 30 has a key round number support test underway near 10,000 having broken a Fibonacci cluster near 10,450. Next Fibonacci support near 9,890 but oversold RSI suggests a bounce possible with initial resistance at a previous congestion zone near 10,200.
UK 100 has a test of key support at its 52-week low and a Fibonacci level near 6,100 with RSI getting deeply oversold. Initial resistance possible near 6,200 then 6,255 with a test of the 6,000 round number possible on a breakdown.
Gold keeps on climbing, rallying up through $1,155 which may become new support with more near $1,150, and trading near $1,160 and a Fibonacci level having traded up toward $1,180 on Friday. RSI getting overbought suggests a pause to rest possible at some point.
Crude Oil WTI remains under pressure, breaking down through $40.00 with next major downside support at its 2008 low near $35.00. RSI really oversold but still confirming the downtrend so far. Initial rebound resistance near $41.00 then $42.00 a prior support level.
US Dollar Index is testing 95.00 having fallen through the bottom of a 96.00-98.00 channel. Next measured support possible near 94.00 which coincides with a retest of the July low near 93.75.
NZDUSD is testing $0.6700 and appears poised to break out of a base that has been forming above $0.6475 with RSI clearing 50 having already signalled an upturn in momentum. Next potential resistance at $0.6775 a Fibonacci level then $0.6855.
AUDUSD continues to struggle in the $0.7240 to $0.7440 range. RSI trending lower after faltering short of 50 confirms broader downtrend still intact.
AUDNZD is testing the bottom of a $1.0925 to $1.1360 trading channel. RSI has dropped under 50 to signal momentum turning downward. On a breakdown $1.0870 or $1.0800 the boundaries of a previous gap could be tested.
USDJPY is turning sharply downward, having taken out 123.30 and 122.50 on its way toward 121.70 with next support near 121.00, all of which are Fibonacci levels. RSI confirms downward momentum accelerating.
EURJPY remains in an uptrend currently testing the top of a 137.00 to 139.00 channel where it has been consolidating recent gains. RSI indicates upward momentum intact. Next potential resistance near the 140.00 round number then 140.65 on trend.
EURUSD is breaking out today! Clearing $1.1220 to signal the start of a new upleg and carrying on up into the $1.1280 to $1.1310 range with a test of the 200-day average looming near $1.1320. Rising RSI confirms upward momentum increasing.