Asia Pacific IndicesAustralia 200 is breaking out of a downtrend today, clearing 5,100 and driving on into the 5,220 to 5,245 zone where it is testing Fibonacci and channel resistance. RSI regaining 50 confirms momentum turning upward once again. Japan 225 is breaking out today, clearing 18,000 on the index and 50 on the RSI to signal the start of a new uptrend. It has moved up into the 18,360 to 18,400 area with next resistance near 18,575 and next support near 18,300. Hong Kong 43 has broken out of a five month downtrend today with RSI regaining 50 confirming an upturn underway. Back above 22,000 next potential resistance appears near 22,145 then 22,715 (a previous low). Hong Kong China H has rallied back up above 10,000 decisively breaking a 5 month downtrend and nearing a channel top test near 10,180. RSI retaking 50 confirms momentum turning upward as it climbs out of a triple bottom base. India 50 looks like it has started to blast off, driving up through 8,000 and 8,080 to signal the start of a new uptrend confirmed by RSI clearing 50. Currently in the 8,100 to 8,120 area, next potential resistance appears near 8,175 the bottom of a previous gap.
North American and European IndicesUS 30 blasted through 16,475 a Fibonacci level on its drive towards its next retracement test near 16,835 climbing into the 16,760 to 16,790 zone near the 50-day average. RSI regaining 50 confirms momentum turning upward. US NDAQ 100 has cleared 4,310 a Fibonacci level and appears poised for a breakout nearing 4,340 with the RSI peeking back above 50 to indicate an upturn pending. Next resistance on a breakout possible near 4,380, support rises toward 4,255. US SPX 500 is on the rebound, driving up through 1,975 and on toward 1,990. RSI now back above 50 confirms momentum turning upward with next potential resistance near the 2,000 round number. Germany 30 continues to rally up out of a double bottom, climbing from 9,740 toward 9,870 with resistance tests looming near 9,900 then 10,000. RSI gaining on 50 indicates downward momentum fading and an upturn pending. UK 100 is breaking out of a base today, clearing 6,255 a channel top and Fibonacci level, with a break of 50 on the RSI confirming the upturn. The index has rallied into the 6,320 to 6,2330 area with next potential resistance near 6,410.
CommoditiesGold retested support at a higher level near $1,131 and has resumed its uptrend bouncing around between $1,133 and $1,138 with next potential resistance near $1,140 then $1,148 and $1,152. Crude Oil WTI is breaking out of downtrends on both the price and the RSI, causing descending triangles to fail and signalling an upturn. It’s now testing $46.60 a Fibonacci level and channel top where a breakout would confirm a new uptrend with next potential resistance near $47.50 then $49.40.
FXUS Dollar Index is neutral sitting on 96.00 the middle of a 95.00 to 97.00 range and 50 on the RSI. NZDUSD is breaking out over $0.6450 today completing a double bottom base and rising to challenge $0.6500 with next potential resistance near $0.6640. RSI back above 50 and rising confirms upward momentum accelerating. AUDUSD ran into resistance near $0.7120 and has dropped back a bit but support moving up toward 40.7075 from $0.7000 indicates increased underlying interest. RSI testing 50 indicates an uptrend pending with next resistance at the 50-day near $0.7180. USDJPY is still sitting near 120.00 within a 119.00 to 121.00 trading range. RSI nearing 50 suggests momentum may be about to turn upward with next resistance near 121.60. EURJPY continues to bounce around between 133.00 and 137.00 currently trading between 134.60 and 135.00.
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