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Chart Signals: Oil rallies, Nasdaq retreats on API surprise drop and big Apple miss

Chart Signals: Oil rallies, Nasdaq retreats on API surprise drop and big Apple miss

WTI has surged again in recent trading on the news of a surprise drop in API inventories, while the NADDAQ is plunging after Apple came in well short of expectations on earnings, sales and guidance a triple whammy. In other action, AUD and NZD continue to climb along with indices in Japan and India.

Asia Pacific Indices

Australia 200 is holding steady near 5,240 as it consolidates recent gains between 5,200 and 5,300. RSI rollover suggests upward momentum slowing and a consolidation trend starting.

Japan 225 remains under accumulation, rallying up off a successful test of 17,425 Fibonacci support and advancing on 17,520 with support rising toward 17,460 and next resistance on trend possible near 17,715.

Hong Kong 50 continues to consolidate recent gains trading between 21,380 and 21,480 with higher lows for both the index and the RSI confirming continued upward momentum. With 21,000 having been established as a new floor, next upside tests appear possible near 21,740 then 22,000.

India 50 continues to challenge resistance at the 8,000 round number with more possible near 8,080 as it tries to break out of a big head and shoulders base having rallied up from the 7,810 to 7,870 zone.

North American and European Indices

US 30 has paused to rest near the 18,000 round number trading between 17,855 and 18,125 as it digest recent gains and works off an overbought RSI.

US NDAQ 100 is breaking down, taking out support near 4,440 and diving toward 4,420 while RSI breaking 50 confirms a downturn in momentum following Apple earnings. Currently testing its 50-day average with next potential support near 4,400 then the 200-day near 4,385.

US SPX 500 is trading between 2,085 and 2,095 just below resistance near 2,100 then 2,111. RSI indicates continued upward momentum with support in place at a higher low near 2,077.

UK 100 is bouncing around between 6,260 and 6,300. A correction back from near 6,420 appears to be fading with support at the 50-day average near 6,210 and 50 on the RSI indicating underlying upward momentum remains intact with a golden cross of the moving averages pending.

Germany 30 has dropped back from near 10,390 back toward 10,280 with next support near 10,250, but it remains in an uptrend trading well above its 10,150 recent breakout point.


Gold has bounced back up from near $1,235 toward $1,244 but remains stuck below $1,250. RSI sitting on 50 confirms neutral momentum. Downside support remains in place in the $1,225 to $1,228 area.

Crude Oil WTI continues to advance rallying up off of $41.30 a Fibonacci level toward $42.90 then staging a second rally driving on toward a test of $43.50 with next potential resistance after that near the $45.00 round number.


US Dollar Index continues to bounce around between 94.00 and 95.00 with RSI stuck below 50 indicting an ongoing downtrend. Next resistance and support near 95.25 and 93.60.

EURUSD has bounced back up above $1.1250 but has encountered resistance at another lower high near $1.1300. RSI bouncing around 50 suggests neutral momentum with initial support moving up toward $1.1280.

NZDUSD continues to advance in a rising channel of higher highs and higher lows. RSI holding 50 confirms upward momentum and underlying support intact. Support rises toward $0.6850 with the pair near $0.6900 and next resistance near $0.7000then $0.7060 on trend.

AUDUSD remains in an uptrend with support rising toward $0.7700 and the pair trading near $0.7750 but with resistance still in place near $0.7835. RSI sending mixed momentum signals suggesting a consolidation phase may be starting.

USDCNH is sitting on the 6.5000 round number and its 50-day average as it trades between 6,4795 and 6,5285 both Fibonacci levels. RSI back above 50 and higher lows suggest uptrend resuming following a recent breakout.

USDSGD has run into resistance at a lower high near $1.3575 and dropped back toward $1.3520 with next potential support near $1.3500 then $1/3475. RSI faltering near 50 suggests recent upward bounce may be fading and broader downtrend resuming.

USDJPY is trading between 110.80 and 111.40 still struggling with resistance at its 50-day average and a lower high near 111.90. RSI back above 50 suggests momentum may still be turning upward but needs better price action to confirm, else pair could slide back toward 110.00. .

EURJPY continues to rally up out of a double bottom, trading back above 125.00 with next resistance near 126.20. RSI back above 50 suggests momentum turning up but  it really needs to clear 128.15 a previous high to break its longer-term downtrend.

CADJPY continues to trade above its 87.00 breakout point indicating continued support as it advances on 88.40 with next resistance possible at its 50-day average near 88.60 then the 90.00 round number.

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