Asia Pacific Indices
Australia 200 is starting to roll over again. Resistance has dropped toward 5,245 a Fibonacci level while the index has fallen into the 5,120 to 5,140 area. RSI diving back under 50 confirms the downturn in momentum. Next potential support near 5,070.
Japan 225 is trading in the 19,620 to 19,720 area as it continues to bounce around in a trading range between 19,380 and 19,960 between two Fibonacci levels. RSI holding 50 indicates underlying uptrend intact but damage has been done.
Hong Kong 43 faltered at another lower high near 22,460 keeping a descending triangle forming and has fallen down through 22,145, failing a Fibonacci test. RSI faltering at 50 confirms downtrend intact. Next potential support near 21,820.
India 50 is retesting 7,750 support having peaked at another lower high near 7,850 and failing to hold 7,800. RSI indicates downward pressure growing. Next potential support near 7,685 a previous low.
North American and European Indices
US 30 failed to hold early gains, dropping back into the 17,640 to 17,720 zone after running into resistance near 17,880. More support in place near 17,560 the 200-day average with next upside tests appear near 17,920 then the 17,990 to 18,000 area.
US NDAQ 100 has retested 4,700 as new higher support and moved back up into the 4,720 to 4,730 range just below 4,740 where action could confirm a double top or signal the start of a new upleg. Support remains in place near 4,685.
US SPX 500 continues to struggle with 2,100 resistance once again failing to get through and then dropping back toward 2,070 with more support possible near 2,060 a Fibonacci level.
Germany 30 continues to rebound, lifting off from a Fibonacci cluster near 18,855 which has become support again and driving up toward 10,920 with next resistance possible near 10,980 just below the 11,000 round number. RSI peeking back above 50 confirms momentum turning upward again.
UK 100 has dropped from near 6,275 back toward 6,225 as it remains stuck in the lower half of a 6,200 to 6,500 sideways trending channel.
Gold has started to drift back after failing to overcome resistance near $1,086 a Fibonacci level and 50 on the RSI suggesting its broader downtrend remains intact for now. Initial support possible near $1,075 then $1,064.
Crude Oil WTI is breaking down today, taking out $38,80 to signal a new downleg then taking out the August low near $37.40 and testing it as new resistance. Next support possible in the $34.75 to $35.00 area near the 2008 low. RSI oversold but confirms downward momentum growing again.
US Dollar Index has climbed back up toward 98.85 but with RSI still below 50 and the index still in the lower half of Thursday’s trading range and the index still below 99.00, this appear to be more of a trading bounce than a serious turnaround.
EURUSD has a big support test underway near $1.0790 toy its recent breakout point and a previous support level. RSI 50 support is also being tested. Success would confirm the start of a new uptrend with initial upside tests near $1.0870 then $1.0885. Next downside support near $1.0735.
NZDUSD has been bashed back down into the $0.6640 to $0.6660 area after running into resistance near $0.6780 last week and $0.6730 today. RSI falling back toward 50 suggests a correction underway within an ongoing uptrend.
AUDUSD once again failed to get through $0.7400 resistance but it has found support at a higher level near $0.7270 keeping an ascending triangle base forming. RSI holding above 50 confirms uptrend intact.
USDJPY is steady just above 123.00 within its 122.75 to 123.75 trading channel. A head and shoulders top in the RSI suggests upward momentum may be peaking.
EURJPY is bouncing around between 133.40 and 133.90 as it digests last week’s rally below 134.50 resistance.
CADJPY is breaking down today, taking out 91.50 a former channel bottom that has emerged as new resistance. Next potential support appears near 91.10 then the 90.00 round number. RSI confirms downward pressure increasing.
USDSGD has regained $1.4000, bouncing toward $1.4060, but this appears to be normal trading as RSI remains below 50 indicating the broader downtrend remains intact. Next resistance near $1.4130 with next support near $1.3965.