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Chart Signals - Weds, Nov 4

Chart Signals - Weds, Nov 4

Asia Pacific Indices

Australia 200 has resumed its uptrend with RSI holding 50 confirming underlying momentum. The index held 5,200, regained 5,250 and has advanced on 5,290 with next potential resistance near 5,310 and then 5,385 a Fibonacci level and recent peak.

Japan 225 has regained 19,000 as it rallies toward 19,110 within a 18,720 to 19,220 trading range with next Fibonacci resistance near 19,260. RSI confirms upward momentum intact.

Hong Kong 43 continues to rally up off of 22,150 Fibonacci support, driving up from 22,540 toward 22,700 lately with next potential resistance at the 23,000 round number then 23,415 a prior high. RSI bouncing back above 50 from a higher low indicates momentum turning upward again.

India 50 remains under distribution having failed to retake 8,080 a Fibonacci level that has flipped from support to resistance. RSI under 50 indicates momentum turning downward. So far 8,000 support has held but if that fails, 7,970 could be retested.

North American and European Indices

US 30 is breaking out again today, clearing 17,850 and taking a run at 18,000 with support rising toward 17,930 from 17,890. RSI overbought but confirming upward momentum so far. Next potential resistance at a prior high near 18,150.

US NDAQ 100 is breaking out to a new high today, clearing 4,685 to signal the start of a new uptrend and rallying toward 4,730. RSI confirms upward momentum accelerating. A measured move from the recent channel suggests the 5,000 round number could be challenged in time.

US SPX 500 continues to trend higher, clearing 2,100 and advancing on 2,115 with next resistance possible near 2,135 which may provide a bigger challenge. Support rises toward 2,090 from 2,070. RSI overbought but indicates upward momentum still growing for now.

Germany 30 consolidated yesterday’s rally in between 10,880 and 10,930 through the morning and has started to advance on the 11,000 round number  as the day progresses after confirming the Fibonacci cluster near 10,855 it cleared earlier this week as new support.

UK 100 has rallied back into the upper half of a 6,300 to 6,500 trading range driving up off out of the 6,340 to 6,360 area and through 6,400 which had been a sticking point lately.  RSI holding 50 indicates underlying uptrend intact.


Gold has been slammed again today, breaking down below $1,126 a Fibonacci level to signal another downleg  and falling into the $1,115 to $1,118 area with next potential support near $1,110. RSI under 50 and falling indicates downward pressure increasing.

Crude Oil WTI is breaking out today, clearing $46.75 to signal the start of a new upleg with RSI lifting up off 50 confirming an upturn in momentum and driving toward $47.50 with resistance near $48.10 then $48.90.


US Dollar Index remains under accumulation, having popped back up above 97.00 toward 97.40 within a 96.50 to 98.00 channel with next resistance near 98.60 and last summer’s double top. RSI indicates upward momentum steady but intact.

EURUSD failed to hold above $1.1000 and has resumed its downtrend falling back toward $1.0960 with next potential support near $1.0940 then $1.0900. RSI confirms ongoing downward pressure.

NZDUSD was hammered down from $0.6710 toward $0.66690 on the poor employment numbers but remains above support in the $0.6600 to $0.6625 area for now.RSI testing 50 which could confirm its uptrend or signal a downturn.

AUDUSD is turning up off a retest of the 50-day average near $0.7125 advancing on $0.7200 with next potential resistance near $0.7275 then $0.7340.  RSI regaining 50 confirms momentum turning upward again.

USDJPY is steady near 121.00 in the upper half of a 118.00 to 122.00 trading channel. RSI holding 50 suggests underlying upward momentum intact for now. Initial resistance near 121.60 with initial support near 120.90.

EURJPY is hanging around 133.00 still in a downtrend with lower highs in the pair confirmed by a falling RSI. Next support near 131.50 with initial resistance near 133.50. A small symmetrical triangle suggests a common pause within an ongoing downtrend.

CADJPY has advanced from 91.90 toward 92.90 while an upturn in the RSI indicates upward momentum building once again. An uptrend continues to emerge with the pair climbing up off a higher low with next resistance in the 93.40 to 93.80 zone it needs to drive through to signal a new upleg.

USDSGD continues to roll over, falling back under the $1.4000 round number and on toward $1.3960 with next support possible near $1.3890. RSI faltering at 50 and turning down confirms downtrend resuming.

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