A number of major indices have broken out of downtrend or through channel resistance to signal significant new interest in stocks and the start of new uplegs for stocks around the world.
Asia Pacific Indices
Australia 200 is breaking out of a downtrend today, clearing 5,300 and then 5,335 a Fibonacci level in driving toward 5,395 with next potential resistance near 5,435 then the 5,500 round number. RSI spike confirms momentum turning upward.
Japan 225 is coming off a big day where it soared up from near 15,555 toward tis 200-day average near 16,165. RSI regaining 50 confirms momentum turning upward. Support moves up to the 15,960 to 16,060 zone which includes a Fibonacci cluster and round number with next resistance near 16,325 a Fibonacci test.
Hong Kong 50 continues to rally, driving up from near 20,890 toward 2,100 round number while RSI confirms upward momentum increasing. Next potential resistance in place near 21,185 then 21,455.
North American and European Indices
US 30 has cleared 18,150 to signal the start of a new upleg, retested it as new support then rallied into the 18,220 to 18,280 zone with next resistance possible at the May 2015 high near 18,360. RSI indicates upward momentum increasing.
US NDAQ 100 is breaking out of a downtrend today, clearing 4,520 which may become support. Rising RSI confirms upward momentum accelerating with next potential resistance near 4,570 then 4,600 the April high.
US SPX 500 has a big retest of its April 2015 all-time high and channel top near 2,137 underway having traded up to 2,143 today. RSI momentum signals are mixed short-term bullish longer term still bearish. Next measured resistance on a breakout possible near 2,197. Support rises toward 2,130 from 2,100.
UK 100 broke out today, clearing 6,600, and advancing on 6,690 with next potential resistance near 6,780 then 6,820 on trend while support rises toward 6,660. Rising RSI confirms upward momentum increasing.
Germany 30 is testing the top of a 9,300-9,800 trading channel having rallied up from 9,600 into the 9,780 to 9,840 area. Next potential resistance near 9,880 the 50-day average then the10,000 round number. RSI testing 50 which could confirm or reject the upturn in momentum.
Gold appears to have completed a short-term double top faltering short of $1,375 again and dropping back toward $1,355 with next potential support near $1,345 then $1,335. RSI rolling back under 70 confirms upward mo fading and a correction starting.
Crude Oil WTI punched down toward $44.40 and was unable to retake $45.00 confirming the breakdown. Similarly RSI is falling toward 40 indicating an increase in downward pressure.
US Dollar Index continues to consolidate previous gains in the 95.40 to 96.80 range with RSI indicating flat to slightly upward momentum as it trades near 96.50.
EURUSD held support at a higher low successfully retesting the $1.1000 round number and has started to rebound advancing on $1.1060 with support rising toward $1.1040. Next resistance possible at the 200-day average near $1.1100.
GBPUSD has rallied from the bottom to the top of its $1.2800 to $1.3000 base building range with support rising toward $1.2950 from $1.2870. Oversold RSI indicates a trading bounce possible with next resistance near $1.3200 where a prior low and measured move converge.
NZDUSD failed to break through $0.7300 completing a double top and has turned back downward falling toward $0.7220 with next potential support near $0.7195 a Fibonacci level and then $0.7100. RSI suggests upward momentum flattening out.
AUDUSD has paused to consolidate recent gains above $0.7500 in the $0.7520 to $0.7560 area with next resistance near $0.7600. RSI encountering resistance near 60 indicates it’s struggling to maintain upward momentum.
USDSGD remains stuck in a holding pattern swinging around $1.3500 in a $1.3440 to $1.3560 range with RSI steady near 50 confirming sideways momentum.
USDJPY is turning back upwards off a successful test of 100.00 round number support last week. RSI confirms downward pressure fading. The pair has rallied into the 102.60 to 102.80 area with next potential resistance near 103.50.
GBPJPY is starting to recover, rallying up off 130.00 toward 133.60 with next potential resistance in the 135.00 to 135.80 zone. RSI popping back above 30 from oversold confirms downward pressure weakening and a bounce underway.
EURJPY is rallying up off 110.80 where it appears to have completed a double bottom, advancing on 13.70 with next potential resistance near 114.80 the extension of a former support line. RSI rising up off 30 indicates downward pressure easing.
CADJPY found support near 76.60 and has started to recover, bouncing toward 78.40 with next potential resistance near 79.15 a former support level which was broken a few weeks ago.
USDCAD continues to advance on channel resistance near $1.3125 trading with support rising toward $0.3090 and next resistance in place near $1.3200 then $1.3325 near the 200 day average.. RSI above 50 and rising indicates upward momentum increasing.
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