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Chart Signals - Monday, Dec 21

Chart Signals - Monday, Dec 21

Asia Pacific indices

Australia 200 is bouncing around between 5,070 and 5,120 trying to build a base but RSI still needs to retake 50 ton confirming. Next resistance near 5,245 with next support near the 5,000 round number.

Hong Kong 43 continues to roll over, falling away from 22,000 on the index and 50 on the RSI to confirm another downswing underway. Currently testing 21,670 with next potential support near 21,240 then 21,000.

India 50 is sending mixed signals. The index is retesting 7,750 as new support confirming a recent breakout with next resistance near 7,825, but RSI failing to retake 50 suggests a broader downtrend remains intact.

Japan 225 has resumed its downtrend falling back unit the 18,780 to 18,910 range after a spike up toward 19,956 failed at a Fibonacci cluster. Next potential support near 18,740 then 18,430, also Fibonacci tests. RSI failing at 50 and rolling over confirms current downtrend accelerating.

North American and European Indices

US 30 ran into resistance near 17,4590 and its moving averages last week and has turned lower once again, dropping from 17,420 toward 17,100 with resistance falling toward 17,195 from 17,280 and next support near 17,000 then 16,890.

US NDAQ 100 continues to slide with RSI failing to retake 50 confirming its current downswing. Having dropped back into the 4,510 to 4,530 range from 4,685 yesterday, next support appears in the 4,450 to 4,500 area where a Fibonacci level, prior lows and the 200-day average cluster while resistance falls toward 4,560.

US SPX 500 his dropping again with resistance falling from 2,040 toward 2,015 and the index trending back toward the bottom of its 1,990 to 2,120 trading channel. RSI confirms current downtrend intact.

Germany 30 has been drifting downward again with resistance falling from a lower high near 10,730 and its 50-day average toward 10,555. RSI faltering at 50 confirms downward momentum intact. Recently broke down below 10,520 with next potential support near 10,490 then 10,420.

UK 100 is drifting lower again with resistance falling toward 6,050 from 6,100 and the index nearing 6,000 with next support near 5,915.


Gold continues to attract support above $1,050 climbing from near $1,056 toward $1,072 with next potential resistance near $1,086. RSI still under 50 but suggests downward pressure still weakening.

Crude Oil WTI is at another potentially key turning point. The price is retesting $34.40 with resistance falling from $34.90 toward $34.70. A breakdown would signal the start of a new downleg that could test $32.40 to even $30.00. An oversold RSI and a positive divergence, however, suggest downward pressure could be peaking and a trading bounce possible.


US Dollar Index is coming off inside day, hanging around 99.00 as its rally up from near 97.50 stalls out at a lower high short of the 100.00 round number, suggesting a big top may still be forming especially with RSI still stuck under 50. .

EURUSD has successfully retested $1.0800 a recent breakout point as new support once again, keeping its current uptrend going. RSI level near 50 indicates a common consolidation phase underway. Initial resistance appears near $1.0840 then $1.0920.

NZDUSD continues to form a cup with handle back of a large followed by a smaller but higher saucer bottom. Currently holding above its 50-day average near $0.6660 and 50 on its RSI trading near $0.6730 with next potential resistance near $0.6835.

AUDUSD has successfully retested uptrend support bouncing up off of $0.7110 although RSI still needs to regain 50 to confirm the start of a new upswing. Currently trading between $0.7170 and $0.7200 with next potential resistance near $0.7300.

USDCNH ran into resistance at a lower high near 6,5670 and has dropped back toward 6.5510 sith next potential support near 6.5400 then 6.5135. Overbought RSI suggests potential for a correction with the recent rally running out of gas.

USDJPY has plunged down into the 121.10 to 121.50 range after a knee jerk spike was contained by 123.60 resistance. RSI rolling back down under 50 confirms momentum turning downward. Next potential support appears near 121.05 then 120.35.

EURJPY has turned decisively downward once again, breaking 132.50 and diving into the 131.50 to 131.90 zone. Next potential support in the 129.60 to 130.00 area. RSI falling under 50 signals momentum turning downward again.

CADJPY is breaking down again, taking out 87.00 to signal a new downleg but with RSI getting really oversold, there is potential for a bear trap reversal today with initial resistance near 88.80. Next measured support possible near 86.00.

USDSGD is holding steady in the $1.4110 to $1.4150 area having dropped down from $1.4225 resistance with nest potential support at its 50-day average near $1.4060. RSI creeping up from 50 suggests an upswing may be starting.

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