A seasonal selloff has deepened in stocks today while some of the last markets to still be holding up into May gave way as CAD and other resource currencies came under pressure with AUD and NZD leading the retreat.
Asia Pacific Indices
Australia 200 has been giving back yesterday’s RBA driven gains failing to hold above 5,335 and falling back toward 5,300 with next support possible near 5,175. RSI getting overbought suggests potential for a trading correction.
Japan 225 is trying to bounce back having successfully retested support near 15,840. The index has rallied back up toward 15,970 but needs to clear 16,000 to signal an upturn with next potential resistance near 16,060 a Fibonacci level.
Hong Kong 50 is breaking down today, taking out a trend support line near 20,865 and falling toward the 20,460-20,510 area. Falling RSI indicates downward pressure intensifying. Next potential support near 20,210 a Fibonacci level then the 20,000 round number.
India 50 has stabilized near 7,750 after being pounded down from 7,860. RSI breaking under 50 confirms momentum turning downward with next potential support near 7,700.
North American and European Indices
US 30 has dropped back from near 17,870 toward 17,750 into the 17,670 to 17,800 area. So far it remains supported above 17,660 and 50 on the RSI but a failure of those levels would signal a downturn. Resistance in place near 17,945.
US NDAQ 100 has been bouncing around between 4,330 and 3,370 around 4,345 a Fibonacci level having fallen from 4,380. The index remains stuck below its 50 and 200-day averages near 4,405 but continues to attract support above a recent low near 4,310.
US SPX 500 remains in a downswing having confirmed lower resistance near 2,082 but so far is holding above support at 2,060 a Fibonacci level with more possible at the 50-dya average near 2,040. RSI bouncing around 50 suggests neutral to downward momentum.
UK 100 is breaking down today, taking out its 50 and 200-day averages near 6,200 and retesting them as resistance with next potential support near 6,160 then 6,060. RSI breaking under 50 confirms momentum turning downward.
Germany 30 has tumbled back under the 10,000 level falling from near 10,130 down into the 9,920 to 9,970 area where it has stabilized. Falling RSI indicates downward pressure increasing. Next potential support 9,870 then 9,820 the boundaries of a gap from last month.
Gold took another run at $1,300 but failed to overcome resistance again and dropped back to test $1.284 Fibonacci support. Flattening RSI suggests upward momentum levelling off. Next downside test in a correction possible near $1,270.
Crude Oil WTI continues to backslide, falling from near $44.10 into the $42.50 to $43.00 area with next support possible near $41.50. RSI falling from 70 indicates a trading correction underway, but underlying trend still upward with the 50 and 200-day averages approaching a golden cross.
US Dollar Index has a big positive reversal underway today. It fell just under 92.00 overnight completing a measured move and rallied right back up toward 92.90 completing a hammer candle and a bear trap reversal. Oversold RSI suggests potential for a short term bounce perhaps towad 93.75 resistance.
EURUSD spiked up toward $1.1600 then slumped back toward $1.1500, a sign of near term exhaustion which coincides with a near overbought RSI. Next support in a correction possible near $1.1455 a recent breakout point. .
GBPUSD staged a bearish outside reversal rallying up toward through $1.4700 toward $1.4770 then getting slammed back under $1.4622 toward $1.4530 with next support possible near the $1.4500 round number. RSI falling back toward 50 indicates a trading correction underway.
NZDUSD remains in a rising channel but has suffered a setback falling from near $0.6970 back toward 40.6920 with next support possible near $0.6870 a recent breakout point. RSI holding 50 indicates underlying upward momentum intact through this correction.
AUDUSD has been slammed back down toward $0.7500 having taken out $0.7660 and $0.7575 support along the way. RSI falling away from 50 confirms a decisive downturn in momentum. Next potential test near $0.7450 a trend support line.
USDCNH is climbing within its 6.4570 to 6.5285 trading channel advancing on the 6.5000 round number. RSI continues to trend higher clearing 50 to indicate momentum turning upward.
USDSGD has regained $1.3500 in a big bounce up off of $1.3400 with next resistance near $1.3555 then $1.3665. RSI back above 50 signals momentum turning upward once again.
USDJPY hit a new low near 105.45 but has bounced back up toward 106.45. A positive RSI divergence suggests downward momentum starting to fade. Next upside tests possible near 106.75 hen 107.50 with next downside support at the 105.00 round number.
EURJPY has stabilized near 122.50 above 121.50 where it appears to have completed a double bottom. Higher lows in the RSI suggest downward pressure starting to ease.
CADJPY is getting hammered again retesting 85.00 as lower resistance then plunging toward 83.60 with nest potential support near 83.00 or 82.45 a Fibonacci level. RSI under 50 and falling confirms momentum turning downward.
USDCAD has soared up off a test of $1.2500 support toward $1.2725 breaking out of a downtrend. RSI rallying up from 30 toward 50 indicates a trading bounce underway but this remains an upward correction below $1.2770.