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Chart Signals - Monday, Sep 28

Chart Signals - Monday, Sep 28

Asia Pacific indices

Australia 200 remains well supported above 5,000 bouncing around in a channel between 5,030 and 5,090 around 5.070 a Fibonacci level.

Hong Kong 43 has bounced back above 21,000 while a bear trap dip down toward 20,780 appears to have completed the right shoulder of a head and shoulders base. RSI climbing toward 50 from a positive divergence indicates downward momentum fading fast. Next resistance near 21,350 then 21,600.

Hong Kong China H has found support at a higher low near 9,250 and appears to be carving out the right shoulder of a head and shoulders base following on from a positive RSI divergence to suggest the worst appears to be behind it and that base building seems to have started.

India 50 continues to form a head and shoulders back, climbing up off a right shoulder near 7,700 toward 7,900 with neckline resistance up near 8,080 also a Fibonacci level. RSI nearing 50 where a breakout would confirm a new uptrend.

Japan 225 is on the upswing again rallying up from near 17,500 up toward 18,140 before running out of gas and slipping back under 18,000 into the 17,750 to 17,900 zone. It appears to have completed a double bottom but the base building process could be bumpy.

North American and European Indices

US 30 is on the rebound, having successfully retested 16,030 support, and has rallied to test 16,475 a Fibonacci level it needs to clear along with RSI 50 to confirm an upturn with next resistance near 16,560 and 16,700. Support rises toward 16,350.

US NDAQ 100 is rallying up from a higher low near 4,200, clearing a Fibonacci cluster near 4,230 and rising on toward the 4,300 to 4,315 area with next resistance near 4,355. RSI still needs to clear 50 to confirm an upturn.

US SPX 500 has dropped back toward a retest of 1,940 having run into resistance near 1,960 with more possible near 1,975. RSI stabilizing near 40 suggests recent downtrend may be ending and a basing or reversal starting.

Germany 30 continues to climb up out of what looks like a double bottom driving back up through 9,500 and on into the 9,640 to 9,750 range. A higher low in the RSI suggests the recent downtrend may be starting to weaken.

UK 100 is still consolidating around 6,100 in the 6,090 to 6,130 range within a 5,800 to 6,250 trading channel. RSI testing 50 where a breakout would signal an upturn in momentum.


Gold dropped back from $1,160 toward a successful retest of $1,142 in a common trading correction after a big move. It has bounced up off of $1,141 toward $1,148 to keep its uptrend intact, with RSI confirming rising upward momentum.

Crude Oil WTI continues to swing upward within its broad $43.00 to $47.50 trading channel, regaining $45.00 and carrying on toward $45.75 with next resistance near $46.50.


US Dollar Index remains in an uptrend with support rising toward 96.50 although some resistance has emerged near 97.00 with the next upside test after that near 98.00. RSI holding 50 building on a breakout confirms momentum turning upward.

NZDUSD continues to build a base between $0.6250 and $0.6400 rallying toward the top of that range after completing a double bottom. RSI gaining on 50 as it climbs out of a positive divergence indicates downward pressure weakening.

AUDUSD is back above $0.7000 having successfully retested $0.6900 support and completing a double bottom. It still needs to retake $0.7100, however to call off a 5-month downtrend.

USDJPY tested the top of its 119.00 to 121.00 trading channel but failed to hold its gains while RSI remaining stuck below 50 signals momentum still not turning upward and sideways channel remains intact with initial support near 120.50 then 120.00.

EURJPY is holding steady near 135.00 bouncing around between 134.80 and 1340 with next resistance near 136.00 and next support near 134.00.

USDSGD found some initial support near $1.4200 but in faltering short of $1.4300 once again, appears to have completed a double top. A recently overbought RSI combined with a negative divergence suggests the recent uptrend may be over down and a significant correction possible that could retest the 50-day average near the $1.4000 round number initially.

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