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Chart Signals - Weds, Sep 23

Chart Signals - Weds, Sep 23

Asia Pacific Indices

Australia 200 is holding steady between 5,000 and 5,140 but the formation of a symmetrical triangle and RSI falling away from 50 suggests this could be another pause within an ongoing downtrend and that the August low near 4,930 could still be retested.

Japan 225 has been volatile today, getting knocked down from 18,150 through 18,000 and on toward 17,540 before catching some interest and rebounding toward 17,660. A retest of 17,400 or 17.135 remains possible.

Hong Kong 43 has turned downward once again, falling sharply away from 22,150 resistance down through 22,00 and on into the 21,340 to 21,480 area with next potential support near 21,000 then 20,800. RSI turning down from  50 confirms downward pressure re-emerging.

Hong Kong China H continues to struggle with trend and round number resistance near 10,000, having dropped back into the 9,600 to 9,680 area with more support possible near 9,380. RSI starting to fall away from 50 suggests downtrend resuming.

India 50 was violently rejected at the 8,000 level diving down toward the 7,780 to 7,820 range before finding some support with more possible near 7,750 then 7,675. RSI downturn confirms the momentum downturn.

North American and European Indices

US 30 has broken a trend support line and Fibonacci level near 16,475 today and fallen into the 16,220 to 16,300 zone, signalling the start of a new downswing. RSI rolling over confirms downward pressure building. Next support possible in the 16,000 to 16,030 area.

US NDAQ 100 has turned decisively downward again, taking out 4,290 support which may become resistance and falling toward 4,250. RSI rolling under 50 confirms a downturn. Next potential support near 4,230 then 4,130 both Fibonacci tests.

US SPX 500 has decisively broken trend support near 1,960 today causing an ascending triangle to fail, and has dropped under 1,940 a Fibonacci level with next potential support near the 1,925 and then the 1,900 round number. Falling RSI confirms downward momentum growing.

Germany 30 is getting slammed again today. After confirming 10,000 as resistance, the index has broken 9,825 and 9,700 on its way toward the 9,570 to 9,610 area before finally finding some support. A retest of the August low near 9,320 appears increasingly possible.

UK 100 is under heavy pressure, taking out 6,100 and 6,000 to signal the start of a new downswing and dropping into the 5,930 to 5,970 range with RSI falling away from 50 providing momentum confirmation. Next potential support near 5,900 then the August low near 5,765.


Gold has resumed its primary downtrend, falling away from a lower high near $1,140 down through $1,126 and on toward $1,122 with next support possible near $1,115 then $1,100.

Crude Oil WTI continues to stage big swings on both directions. It ran into resistance near $46.65 a Fibonacci level and dropped back into the $45.10 to $45.50 area before bouncing back up toward $46.10. RSI holding 50 suggests that the overall trend remains neutral to positive.


US Dollar Index is breaking out of a six week downtrend today, clearing 96.00 to signal an upswing with next potential resistance near 97.00 then 98.75.

NZDUSD is hanging around $0.6290 as it continues to trend sideways in the $0.6250 to $0.6400 range. RSI slipping away from 50 suggests this could be a pause within an ongoing downtrend.

AUDUSD has a battle underway that saw it initially decline from $0.7150 toward $1.7070 before rebounding toward $0.7090. RSI turning downward but it’s still uncertain if it will break or continue a downtrend.

USDJPY is sitting on 120.00 having dropped back from the top to the middle of a 119.00 to 121.00 trading channel. RSI flat just under 50 indicates momentum sideways to downward.

EURJPY has bounced up off of a higher low near 133.10, rising toward the 133.70 to 133.80 area with next resistance near 135.00 then 136.30. RSI still under 50 suggests this could be a trading bounce within a bigger downtrend.

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