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Afternoon Technicals May 3- Major breakouts for US indices
00:00, 03 May 2013
North American indices US30 is breaking out to a new high today, confirmed by an RSI breakout to signal upward momentum surging. 15,000 may present an initial formidable big number barrier, but a measured move suggests 15,400 could be tested over time. SPX500 is breaking out today driving through 1,600 to a new all-time high! A measured move from the recent trading channel suggests that 1,665 could be tested over time. NDAQ100 has blasted through 2,900 to a new 52-week high. The next major potential resistance test appears in the 2,990-3,000 area where a measured move and a big psychological barrier cluster. US SmallCap 2000 has been the fly in the ointment, so far refusing to confirm other index breakouts. It continues to bump up against the top of its 900-955 channel which measures toward the 1,000-1,010 area on a rally. Canada60 (Toronto60) remains above 700 and appears poised for a rally today with stocks and commodities rallying. Initial resistance appears near 715 followed by 720 and 724. Commodities Gold remains well supported above $1,450, currently consolidating near $1,465 in the face of a strong greenback. Upside resistance appears near $1,485, $1,500 and $1,550. Silver continues to base build in the $23.40 to $24.60 range. Copper is rallying today, clearing $3.20 and trading near $3.25. A break of the metal through $3.28 and the RSI through 50 would confirm a new uptrend with next resistance near $3.30 then $3.45. US crude is breaking out today, clearing $94.40. RSI suggests upward momentum building with technical room to run. Next resistance appears near $95.50 then $96.60. UK crude is testing $104.00, a key resistance and Fibonacci level, and appears poised for a breakout. A move by RSI above 50 would confirm a new uptrend. Next upside potential resistance near $106.40 then $107.60, another key Fibonacci level. Gasoline is picking up within a $2.70 to $2.84 channel but needs to break out of it to confirm the start of a seasonal upswing. Next resistance if it can appears near $2.95. Natural Gas continues to break down, taking out $4.00 while RSI drops under 50 to confirm the start of a seasonal correction. Next key support levels appear near $3.85 then $3.65. Arabica Coffee remains above yesterday’s 134 downtrend breakout point but needs to clear 140 to confirm the start of a new uptrend with next resistance near 154. CMC Markets is an execution only service provider. The material on this site (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.