The main theme running through today’s technicals has been of markets trying to stabilize at higher levels suggesting the recent correction may have run its course. We’re still heading into a weaker period seasonally for stocks and gold. Action over the next couple of days may indicate if the advances that started in February have any legs left or not.
Asia Pacific Indices
Australia 200 has slumped back from near 5,270 toward 5,220 as it falls away from 5,300 with next support in the 5,185 to 5,200 area. RSI indicates upward momentum weakening and a correction underway.
Japan 225 has stabilized a higher lows for both the index and the RSI a sign the recent selloff has ended confirmed by the index retaking 16,000. Recently trading near 16,055, next potential resistance appears near 16,370.
Hong Kong 50 appears to be stabilizing at a higher level with support moving up toward 20,210 Fibonacci level from the 20,000 round number. RSI confirms downward pressure peaking. Initial resistance near 20,440 then 20,710 both Fibonacci tests.
India 50 found some support near 7,680 and has stabilized near 7,750. A higher low for the index plus RSI levelling off near 50 suggest the recent correction back from near 8,000 may be ending and accumulation resuming.
North American and European Indices
US 30 found support near 17,615 with more possible at its 50-day average near 17,540. It has bounced back toward 17,660 with 17,720. It really needs to retake 17,915 to call off the current downdraft.
US NDAQ 100 has found its footing between 4,300 and a Fibonacci level near 4,345 with RSI confirming downward pressure levelling off. Initial rebound resistance near 4,385 with next downside support near 4,225.
US SPX 500 continues to slide with resistance falling toward 2,060 and the index falling toward 2,048 with next potential support at the 50-day average near 2,040 then the 200 day near 2,015. RSI under 50 and falling confirms increasing downward pressure.
UK 100 is bouncing around between 6,100 and 6,150 following a breakdown below its 50 and 200-day moving average near 6,200. Falling RSI indicates downward momentum increasing opening the door to a potential retest of the 6,000 round number.
Germany 30 is holding steady between 9,800 and 9,970 in light holiday trading.
Gold keeps falling back, drifting under $1,284 a Fibonacci level toward $1,275 with next potential support near $1,266 a previous breakout point. RSI rollover indicates upward momentum fading.
Crude Oil WTI has resumed its uptrend bouncing back up into the $43.30 to $44.30 range from a higher low near $42.70. Next resistance possible near $45.00 then $45.70. RSI confirms upward momentum with a golden cross of the 50 and 200 day averages pending.
US Dollar Index is in rebound mode for a third straight day following a bear trap reversal earlier this week. RSI indicates downward momentum fading and an upturn pending. Support climbs toward 93.25 with next resistance possible near 93.75 then 94.35.
EURUSD continues to fall back following a bull trap buying climax spike up toward $1.1600 earlier in the week. The pair has broken back under $1.1500 and fallen toward the $1.1390 to $1.1410 area next potential support near $1.1310. RSI confirms momentum rolling over but underlying uptrend intact above the 50-day average near $1.1250. .
NZDUSD remains in a rising channel uptrend holding above $0.6870 but facing resistance near $0.6910 then $0.7000. RSI holding 50 confirms underlying upward momentum intact.
AUDUSD held uptrend support near $0.7450 while RSI suggests downward pressure levelling off and a bounce possible. Initial upside tests near $0.7500 then the 50-day near $0.7565. Next support on a breakdown possible near $0.7485 then $0.7445.
USDCNH continues to struggle with channel resistance near 6.5285, but also continues to steadily trend upward trading above 6.5000 in the 6.5140 to 6.5200 area. RSI trending higher indicates growing upward momentum.
USDSGD is bumping up against resistance near $1.3600 and the 50-day average near $1.3620. RSI above 50 indicates momentum turning upward with next resistance near $1.3670 then $1.3740 and support rising toward $1.3580.
USDJPY continues to rebound, holding above 107.00 near 107.30 with next resistance near 108.25 then 109.85. A positive RSI divergence indicates downward pressure exhausted and weakening.
EURJPY has dropped back under 123.00 and appears to be pausing in the 121.70 to 123.55 range. It still appears to be base building after a double bottom but its early.
CADJPY has started to rebound after finding support at a higher low on both the pair and the RSI to suggest the recent downdraft may be ending and its underlying uptrend resuming. Initial resistance near 83.50 then 84.55 a Fibonacci level.