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Chart Signals - Tuesday, Sep 29

Chart Signals - Tuesday, Sep 29

Asia Pacific Indices

Australia 200 is retesting 5,000 round number support once again with RSI holding under 50 indicating continued downward pressure. A breakdown could open the door to a retest of the August low near 4,790. Initial rally resistance near 5,060 then 5,125.

Japan 225 is having a bit of an upswing toward 17,330 up from 17,280 with next resistance near 17,400 then 17,530 and 17,800 as it tries to climb up out of a double bottom near 17,135.

Hong Kong 43 is trading back above 21,000 having found support near 20,750 which could be a head and shoulders base right shoulder if it holds. Upside resistance near 21,290, 21,350 and then 21,600. RSI indicates downward pressure easing.

Hong Kong China H has found support at a higher low near 9,300 and is trading up near 9,500 but it still needs to regain 9,640 to signal an upswing that could challenge key round number resistance near 10,000.

India 50 is bouncing around between 7,780 and 7,880 ahead of the RBI with head and shoulders base support near 7,750 and upside resistance near 7,900 then the 8,000 round number.

North American and European Indices

US 30 toward a retest of 16,030 a Fibonacci level but continues to attract support above 16,000 for now. Should that fail, next potential support appears near 15,580, RSI drifting lower suggests downward pressure steadily increasing.

US NDAQ 100 has come under pressure again, faltering near 4,230 a Fibonacci cluster, diving back under 4,200 and taking out 4,130 a Fibonacci level on its way toward 4,090, opening the potential for a test of the 4,000 round number. Falling RSI indicates downward pressure increasing.

US SPX 500 is breaking down today, taking out the bottom of a 1,900 to 2,000 trading channel to signal the start of a new downleg that could potentially retest the August low near 1,835. RSI nearing oversold, so a double bottom possible.

Germany 30 has skidded back down through 9.500 heading toward 9,440 after turning down from a lower high near 9,690. It still appears to be trying to base build following a double bottom retest of 9,230 with a positive RSI divergence emerging.

UK 100 failed to hold 6,000 dropping toward 5,920 well into the lower half of a 5,800 to 6,250 trading range. RSI confirms downward momentum increasing.


Gold fell back from $1,140 but held $1,126 a Fibonacci level that coincides with the right shoulder of a head and shoulders base and has rebounded up into the $1,132 to $1,135 area. RSI holding 50 confirms base building still underway.

Crude Oil WTI is bouncing around between $44.10 and $44.50 consolidating near the middle of a $43.00 to $47.50 trading channel. RSI slipping under 50 looks ominous suggesting a retest of the lower boundary possible.


US Dollar Index is holding steady near 96.60 near the top of a 94.00 to 97.00 trading channel. RSI holding above 50 indicates momentum turning upward.

NZDUSD has run into resistance near $0.6400 on the pair and 50 on the RSI indicating it’s likely not ready for a breakout but it does continue to base build above $0.6240 with support movine up toward $0.6320.

AUDUSD is sitting on 40.7000 above support in the 40.6900 to 40.6930 range but below $0.7070 and $0.7100 resistance. RSI indicates downward momentum still intact for now.

USDJPY is sitting on 120.00 with RSI indicating neutral to slightly downward momentum as it continues to form a symmetrical consolidation triangle between 118.70 and 121.40.

EURJPY is drifting down from a lower high near 134.80 still below 135.00, with next support near 134.50 then 134.00 and 133.20. RSI faltering short of 50 indicates momentum turning downward once again.

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