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Chart Signals - Weds, Dec 9

Chart Signals - Weds, Dec 9

Asia Pacific Indices

Australia 200 remains under distribution, falling back into the 5,060 to 5,100 area near the 5,070 Fibonacci level after retesting 5,145 as new resistance. RSI breaking under 50 signals momentum turning downward and a retest of 5,000 possible.

Japan 225 has bounced up off of 19,220 Fibonacci support toward 19,420 but it remains vulnerable with a head and shoulders top forming and RSI breaking under 50 to signal momentum turning downward. On a 19,220 neckline break the 19,000 round number could be probed.

Hong Kong 43 has broken down below 22,000 and 21,770 completing a descending triangle pattern and signalling the start of a new downtrend, confirmed by falling RSI. Currently trading in the 21,550 to 21,700 area next support appears near 21,500 then 21,360 a previous low.

India 50 is breaking down again with the bottom falling out after it took out 7,750 and retested it as new resistance falling toward 7,680 with next potential support near 7,600 then 7,515.

North American and European Indices

US 30 has dropped down into a support zone between its 50-day average near 17,460 and its 200-day average near 17,570. The index dipped below 17,500 briefly and then bounced back while the RSI has held 50 keeping its uptrend intact. Next resistance in an upswing appears near 17,680.

US NDAQ 100 has successfully retested 4,685 support, bouncing up off of 4,680 through 4,700 and on toward 4,710 with next resistance near 4,735. RSI holding 50 confirms underlying uptrend intact.

US SPX 500 has turned right around bouncing back from a successful test of its 50-day average near 2,050 rallying back up through 2,060 a Fibonacci level and on toward 2,070 with upside resistance near 2,080 then 2,100.

Germany 30 is testing the low end of its 10,655 to 11,000 trading range, sliding back down from a Fibonacci cluster near 10,855 to test its 50-day average. RSI faltering at 50 and turning lower again confirms momentum turning downward.

UK 100 continues to slide, falling today from near 6,230 toward 6,120 with net potential support at its channel bottom near 6,050 or the 6,000 round number. RSI indicates downward momentum increasing.


Gold has stabilized near $1,072 having fallen back from $1,086 Fibonacci resistance but holding above recent lows near $1.060 and $1,050. RSI advancing on 50 indicates downward pressure fading but it needs to breakout to signal a new uptrend starting.

Crude Oil WTI has resumed its downtrend after retesting $37.50 as new resistance. RSI oversold but confirming downtrend intact for now. Initial support near $36.90 has emerged with next major support appears possible in the $34.75 to $35.00 area near the 2008 low.

Crude Oil Brent bounced up off of $40.00 overnight but didn’t get very far, running into resistance at $41.20 well short of its $42.00 breakdown point and then diving back down toward the $40.20 to $40.50 area. RSI indicates downward pressure still increasing.


US Dollar Index has run into resistance at a lower high near 99.00 and dropped back toward 98.55 with support in the 97.80 to 98.00 range. RSI failing to get back above 50 and turning downward again confirms a new downtrend underway.

EURUSD continues to attract support above $1.0800 following a successful retest of that breakout point as new support. The pair has bounced back into the $1.0870 to $1.0900 range from $1.0840 with next resistance possible near $1.0970 a 38% retracement of the recent downtrend.

NZDUSD has stabilized near $0.6620 and its 50-day average following a correction while RSI holding 50 confirms underlying upward momentum remains intact. Upside resistance appears near  $0.6730 then $0.6780 with downside support near $0.6500 then $0.6435.

AUDUSD is sitting on $0.7200 just above its 50-day moving average with RSI sitting on 50. It appears the recent correction down from $0.7400 has run its course with initial resistance near $0.7265. On a breakdown, next support  possible near $0.7145 then $0.7065.

USDJPY is still hanging around near 123.00 within a 122.00 to 123.75 trading range. Head and shoulders tops continue to form in both the pair and the RSI. Next support on a breakdown possible in the 121.80 to 121.00 range where old resistance, trend support and two moving averages cluster.

EURJPY is bouncing around between 133.20 and 134.00 around its 50-day and 200-day averages while digesting its big pop up from 130.00 last week. Next potential resistance near 137.15 around previous highs.

CADJPY is breaking down taking out 91.50 and falling to test 90.00 before stabilizing in the 90.30 to 90.60 area for now. RSI confirms downward pressure increasing sharply. Net potential downside support near 88.80 and the summer double bottom.

USDSGD continues to struggle with resistance near $1.4135 for the pair and 50 on the RSI indicating a top still apparently forming. The pair has fallen back toward $1.4080 with next potential support near $1.40-45 then $1.4000.

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