Asia Pacific indices

Australia 200 has turned downward once again after faltering near 5,455 and dropping back toward 5,385 with next support near 5,330. RSI drifting back toward 50 indicates upward momentum weakening.

Japan 225 continues to find support above 16,660 a Fibonacci level but it really needs to 17,000 at least and ideally 17,210 to break its current downtrend of lower highs. RSI needs to retake 50 to call off downward momentum.

HongKong 43 stalled short of the top of its 23,230 to 24,350 trading channel and has fallen back under 24,000 to signal a new downswing with next support near 23,735 a Fibonacci test. RSI stalling at 60 again indicates neutral momentum intact.

India 50 is starting to climb again within am 8,000 to 8,625 trading channel with initial resistance near 8,380 then 8,460. RSI back above 50 suggests upward momentum building again.

Singapore 30 remains in consolidation mode between 3,200 and 3,375 but higher lows have been forming an ascending triangle, a bullish consolidation pattern. On a breakout, the previous high near 3,465 or a measured 3,550 could potentially be tested.

North American Indices

US30 has dropped back under its 17,665 50-day average as if falls away from the 17,915 previous high it would need to clear to call off an H&S top. RSI back under 50 suggests this bounce didn’t have much momentum behind it. Next support near 17,590 then 17,265 both Fibonacci levels.

SPX500 has stabilized near 2,045 but still appears to have completed the right shoulder of an H&S top near 2,065. Having broken 2,035 next support appears near 2,000. RSI back under 50 suggests momentum turning downward once again.

NDAQ100 broke 4,190 Fibonacci support to confirm the start of a new downdraft. RSI remaining under 50 and falling indicates downward momentum increasing. Next support possible near 4,100, then 4,025.

US SmallCap 2000 has found some support near 1,180 but is having trouble getting very far with resistance emerging near 1,190 with more possible near 1,200. Next downside support possible near 1,155 a Fibonacci level. RSI indicates neutral momentum currently.

Canada 60 has resumed its downtrend after a rebound failed at a lower high near 850. Next support possible near 820 or even 810. RSI stuck under 50 indicates downward momentum intact.

UK and European indices

UK 100 continues to retreat, falling back from a lower high near 6,550 and diving back under 6,475 with next potential support near 6,410 a Fibonacci level then the prior low near 6,330. RSI near 50 suggests momentum drifting.

Germany 30 appears indecisive. A symmetrical channel of higher lows and lower highs in the index plus RSI sitting on 50 suggests a stalemate. Currently support near 9,585 then 9,425 with resistance near 9,820 then 9,910.

France 40 is trending sideways in a channel between 4,100 and 4,300 while symmetrical triangles in both the index and the RSI suggest the market is stuck in a holding pattern.

Spain 35 failed to retake 10,000, confirming last week’s breakdown. RSI under 50 confirms downward pressure intact. Next potential support tests near 9,700 then 9,620 both near recent lows.

Italy 40 is starting to find some support having successfully tested the 18,000 round number 4 of the last 5 days. A higher low in RSI suggests downward pressure easing. Initial resistance near 18,475 then 18,750 with more support near 17,840.

Norway 25 is bouncing around between 510 and 530 currently sitting on 520 trying to decide which way to go from here. Primary downtrend remains intact but is has bounced up out of a double bottom near 480 and RSI isn’t helping either side sitting on 50.

Sweden 30 is stuck in a sideways trend bouncing around between 1,420 and 1,475 currently just above 1,450 while RSI swings in neutral territory between 40 and 60.

Commodities

Gold keeps on climbing within its $1,140 to $1,240 trading channel with higher lows forming an ascending triangle base. RSI above 50 and rising indicates upward momentum growing. Next resistance possible near $1,288 a Fibonacci level.

Silver continues to base build in the $16.00 to $17.00 range with support rising toward $16.50. RSI back above 50 and climbing indicates upward momentum building. Next resistance on a breakout near $17.85 then $18.40.

Copper is breaking down today, taking out $2.77 support and testing $2.75 to signal the start of a new downleg on trend with next measured support near $2.70.

Crude Oil WTI broke down through the bottom of a $46.50 to $50.00 trading channel where it had been consolidating recent losses to signal the start of a new downleg. Next potential support near $45.00 or a measured $43.00.

Crude Oil Brent is breaking down again, taking out the bottom of a $48.80 to $51.80 trading range and confirming its recent fall below $50.00. Next measured support possible near $45.80.

Natural Gas has stabilized in the $2.80 to $3.00 range but hasn't moved up much even with another cold snap on the way indicating traders may already be starting to look past this year’s heating season. RSI suggests downward pressure easing but no sign of an upturn either.

FX

NZDUSD faltered near $0.7860 and was knocked back under $0.7800 indicating that it remains in consolidation mode, confirmed by RSI sitting on 50 again. Initial support near $0.7700 then $0.7600 with next resistance near $0.7900.

AUDUSD fell back from $0.8250 toward $0.8150 while RSI faltered short of 50 indicating it’s probably not ready to break out of a base after all. Initial support near $0.8100 but a retest of $0.8000 remains possible.

USDJPY continues to forma bearish descending triangle top between 121.75 and 118.00. RSI falling back under 50 signals momentum turning downward. Next downside tests on a break possible near 116.85 then 115.45.

EURJPY is testing 140.00 where a breakdown would signal the start of a new downleg with next potential support near 138.00 where a support/resistance level and a measured move converge.

USDSGD is showing signs of tiring with a bearish rising wedge forming in the pair and a negative divergence in the RSI. Resistance has emerged near $1.3400 with initial support near $1.3260 then $1.3200.

USDCNH has decisively turned lower once again gapping down through 6.2030 and diving under the 6.2000 round number with next support near 6.1850. RSI falling under 50 confirms momentum turning downward.