Here is today’s wrap and chart signals
Asia Pacific Index Chart Signals
Australia 200 has resumed its downtrend after another rebound attempt failed, this time at a lower high near 5,555 a Fibonacci level for the index and 50 for the RSI which confirms downward momentum still intact. Index has dropped back toward 4,440 with next support near 5,400 then 5,300.
Japan 225 in falling like a stone, plunging toward 19,268 after breaking 19,923 to break an uptrend support line, take out a Fibonacci level and complete a head and shoulders top. Next potential support near the 19,000 round number then 18,740. RSI confirms momentum turning seriously downward.
Hong Kong 43 was crushed for a second straight day falling from above 24,000 down below 23,000 and approaching its November low near 22435 before bouncing back up toward 23,600 and a retest of the March low as new resistance. RSI is deeply oversold so a trading bounce possible but the index may remain volatile in the coming days.
Hong Kong China H took out its March low near 11,325 opening the door to a potential retest of its October low near 10,000. For the moment, support emerged near 10,700 and the index has bounced back above the 11,000 round number. While today’s action looks encouraging, bounces have failed before in the current selloff so it may remain volatile.
India 50 has dropped back from near 8,555 resistance toward 8,355 in a common retrenchment after several days of gains. Support has emerged near 8,350 which would be a higher low if it continues to hold.
North American Index Chart Signals
US 30 once again faltered short of 17,777, confirming Fibonacci resistance there. This along with RSI falling confirms downtrend continues with next potential support near 16,610 then 17,530 and 17,415.
US NDAQ 100 continues to work its way lower after faltering near 4,440 where it broke an uptrend then turning down below 4,400 and falling toward 4,370 with next potential support near 4,355 a Fibonacci level then the 200-day average near 4,300.
US SPX 500 was unable to retake 2,085 and has dropped back under 2,060 with next potential support near 2,040 and prior lows then 2,015 a Fibonacci test.
UK and European Index Chart Signals
UK 100 remains under distribution, taking out 6,500 and sliding toward a retest of 6,440 with next potential support near 6,410 on trend. RSI near oversold suggests a pause possible sometime soon.
Germany 30’s latest rally attempt has been contained by resistance near 10,810 a Fibonacci level where a triple top has emerged on the 1-minute chart. Daily RSI indicates downward pressure increasing. Support near 10,710 then 10,650 and the 200-day near 10,590.
Commodity Chart Signals
Gold is bouncing back today, trading up near $1,165 following a successful retest of $1,150 support. It would need to retake $1,170 though to signal the start of a serious rebound with next potential resistance near $1,175 and $1,190.
Crude Oil WTI tried to rebound but didn’t get very far resistance still in place near $52.75. The price has dropped back into the $51.00 to $51.60 zone with a retest of $50.00 still possible. Oversold RSI suggests the recent selloff may have been overdone so a pause or trading bounce look possible sometime soon.
FX Chart Signals
US Dollar Index has levelled off in the 96.40 to 97.00 zone as it starts to consolidate a rally up off of 94.00. RSI sitting on 50 indicates momentum starting to go sideways.
NZDUSD has rallied up off of $0.6625 while RSI climbing back above 30 from oversold territory confirms that a trading bounce / upward correction has started. Currently testing $0.6750, next resistance appears near $0.6780 then $0.6890 a 23% retracement of the previous downtrend.
AUDUSD dipped below $0.7400 in what looks like a bear trap bottom. A hammer candle and an oversold RSI suggest downtrend may be exhausted and a rebound possible with initial ressitrance near $0.7445 then $0.7500.
GBPJPY is falling fast, diving down toward 185.00 after breaking 189.25 support. The pair has stabilized for now to work off an oversold RSI having completed a 50% retracement of its prior advance. Next potential support near 183.00 the 62% retracement.
USDJPY is diving downward again plunging toward 120.50 after breaking 121.70 support. Taking out the 62% retracement suggests a full round trip of the rally that started in May looks possible which suggests a retest of 119.10 possible over time.
EURJPY is breaking down again, taking out 134.00 to signal the start of a new downleg and falling toward 133.40 with next potential support near 133.15 then 131.75 on trend.