The US 30 and US SPX 500 are off to a strong start for October, but the NDAQ 100 stubbornly refuses to complete the trifecta. Meanwhile, a USD rally has other currencies on their heels. Gold and GBP have done particularly poorly with Sterling breaking down against JPY as well. Resource dollars like AUD, NZD and CAD are also still under pressure.
Asia Pacific Indices
Australia 200 has broken out of a short term downtrend, clearing 5,710 to call off a descending triangle pattern. The pair has rallied toward 5,750 but faces channel resistance near 5,810. RSI back above 50 confirms an upswing in momentum underway.
Japan 225 has moved up from 20,390 toward 20,470 within sight of the top of its current20,200- to 20,500 trading channel. RSI still suggests upward momentum slowing so resistance could hold. On a breakout, however, next resistance may not appear until between 20,750 and a measured 20,800.
Hong Kong 50 is closed for a holiday.
North American and European Indices
US 30 is breaking out to a new all-time high today, clearing 22,420 and advancing on 22,535 while support rises toward 22,490 from 22,400. Having cleared 22,500, next potential resistance appears near a measured 22,640 on trend.
US SPX 500 is breaking out to a new all-time high today, clearing 2,514 and advancing on 2,526. RSI confirms increasing upward momentum but is getting really overbought. Next potential resistance near a measured 2,542.
US NDAQ 100 remains stuck below 6,000 still failing to confirm breakouts by its peers. RSI remains in a downtrend of lower highs indicating slowing upward momentum. Should it manage to break out, next measured resistance may appear near 6,100 then 6,170. Trading near 5,975, downside support appears near 5,900 then 5,830.
UK 100 is breaking out over 7,400 and its 50-day average, advancing on 7,430 with the RSI regaining 50 to confirm an upturn is underway. Support rises toward 7,305 with next potential resistance near 7,440 then 7,510.
Germany 30 spiked up toward 12,910 within striking distance of its June high near 12,950 and has slumped back toward 12,860. With the RSI getting really overbought and a bearish Gravestone Doji forming, the index could be vulnerable to a correction. Initial support possible near 12,750 then 12,695.
Gold is breaking down again today, taking out $1,280 to signal the start of a new downleg and falling toward $1,274 with next potential support near $1,264 a 62% retracement of its previous uptrend, then the 200-day average near $1.250. RSI under 50 and falling confirms accelerating downward momentum.
WTI crude oil has been pounded down from a lower high near $51.30 toward $50.30 to start the week RSI falling away from 70 indicates upward momentum slowing and a correction deepening. Initial support looks possible near $50.00 then $49.30 near the 200-day average.
US Dollar Index is breaking out of a base today, lifting up off of 93.00 support and advancing on 93.45. Next potential measured resistance near 93.80. RSI holding 50 and rising confirms momentum turning increasingly upward.
EURUSD failed to get even close to its 50-day average or the neckline of a head and shoulders top and has turned back downward from $1.1800 resistance, falling toward $1.1745. Next potential support near $1.1680 a 23% retracement level. RSI confirms continuing distribution.
GBPUSD is breaking down today, taking out $1.3340 and diving toward $1.3270 with next potential support near $1.3145 where a Fibonacci level and the 50-day average converge. RSI slipping under 50 confirms momentum turning downward.
NZDUSD remains under distribution with resistance falling toward $0.7225 and the pair testing $0.7200 with next potential support in the $0.7150 to $0.7160 area just above the 200-day average. RSI confirms a continuing downtrend.
AUDUSD remains under pressure with the RSI under 50 and falling indicating increasing downward momentum. Resistance has dropped toward $0.7850 from $0.7885, with the pair trading near $0.7835 and next potential support near $0.7770 then $0.7745.
USDSGD is holding above 1.3540, where it broke out of an ascending triangle base, and its 50-day average, trading near $1.3610. Rising RSI indicates accelerating accumulation. Next potential resistance appears near $1.3650 then $1.3695.
USDJPY continues to trade sideways between 111.95 and 113.00 two Fibonacci levels, consolidating a September rally. Flat RSI above 50 confirms a pause within an uptrend. Next potential resistance near 113.40 then 114.00 with next support near 111.65.
GBPJPY is breaking down today, falling under 150.00 to complete a descending triangle while RSI falling away from 70 confirms a deepening correction. Net potential support near 148.00 a recent breakout point.
EURJPY remains in an uptrend above 131.85 but is starting to struggle, running into resistance at a lower high near 133.00. A lower high in the RSI also suggests upward momentum may be slowing.
USDCAD is breaking out today, clearing its 50-day average near $1.2470 then the $1.2500 round number. Rising RSI confirms increasing upward momentum. Next potential resistance near $1.2525 then $1.2620.