Asia Pacific indices
Australia 200 has a big test of round number support underway near the 5,000 level today with the index stabilizing in the 5,020 to 5,040 range with more resistance near 5,060 after a big drop down from 5,200. RSI turning down from 50 confirms downward pressure increasing. Next potential downside support near 4,835 a previous low.
Japan 225 has been totally slammed again, diving 5% over the last 24 hours from near 18,800 down through 18,000 and carrying on toward 17,810 for nearly a 1,000 point loss. RSI is getting close to oversold so a bounce toward a round number retest appears possible. If not, next downside support appears near 17,680.
Hong Kong 43 is bouncing around between 20,740 and 20,900 trying to establish a base after falling back under 28,000. RSI remains in a downtrend along with the index keeping downward momentum intact. Next potential support at the August low near 20,100.
Hong Kong China H has stabilized between 9,220 and 9,340 above its previous low near 9.070. A higher low in the RSI suggests downward pressure peaking and a double bottom possible.
India 50 is retesting 7,750 support which could end in a double bottom or the start of a new downleg. Initial bounce resistance in the 7,860 to 7,900 area with next downside support possible near 5,515 a Fibonacci level or the 7,500 round number.
North American and European Indices
US 30 is falling again, dropping down through 16,475 and diving into the 16,090 to 16,250 range with next round number support near 16,000. RSI confirms renewed downward pressure.
US NDAQ 100 has turned sharply downward diving from near 4,270 down through a Fibonacci cluster near 4,230 which was retested as resistance and on into the 4,160 to 4,190 zone with next potential support near 4,130 then 4,080. RSI below 50 and falling again indicates downward momentum increasing.
US SPX 500 is falling again with both the index and the RSI indicating a downturn. Resistance has fallen from 1,970 toward 1,930 with the index diving into the 1,915 to 1,930 zone with next support possible near 1,900 or 1,875.
Germany 30 has decisively resumed its downtrend with the index falling below 10,045 which has become Fibonacci resistance and bouncing around the 10,000 round number between 9,940 and 10,030 with next potential support near 9,890 then 9,735.
UK 100 is breaking down today, falling through the bottom of a 6,100 to 6,250 Fibonacci trading channel, with next potential support around 6,000 – 6,020 then 5,900. RSI faltering below 50 confirms downward pressure resuming.
Gold has resumed its uptrend with the price climbing to test $1,142 and with resistance tests possible near $1,148 then $1,160. Support rises toward $1,138 from $1,126. RSI bouncing up off 50 confirms uptrend intact and upward momentum accelerating.
Crude Oil WTI faltered near $48.50 and has slipped back toward $45.75 in a significant correction on normal backing and filling. Next support near $45.00 with $46.60 having failed and become resistance. RSI suggests upward momentum slowing and a trading correction starting.
US Dollar Index is starting to roll over again, slipping back under 96.00 and dropping toward 95.50 with next potential support near 95.00 then 94.00.
NZDUSD appears to be stabilizing in the $0.6320 to $0.6350 range after yesterday’s drop back from $0.6500. RSI suggests downdraft may have run its course. Pair remains well above its August low near $0.6250.
AUDUSD appears to be at a tipping point. The pair has been knocked down from $0.7170 toward $0.7020 indicating increased pressure. An oversold RSI and the pair holding the $0.7000 round number however, suggest the recent selloff may be overdone and a trading bounce possible.
USDJPY has turned sharply lower today, breaking down through 120.00 which may become new resistance. Some support has emerged near 119.65 with more possible near 119.10 then 119.55 both near previous lows. RSI confirms downward pressure growing.
EURJPY is bouncing around between 135.00 and 135.40 near a 135.15 Fibonacci level and appears poised to break down with RSI under 50 and falling indicating downward pressure increasing. Next potential support on a breakdown at prior lows near 134.15 then 133.00.