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Chart Signals – Thur, Sep 17

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Asia Pacific Indices

Australia 200 keeps firming up to indicate renewed accumulation. Index is bouncing around in the 5,120 to 5,150 range up from 5,000 while RSI signals an upturn pending. Next potential resistance near 5,245 a 38% retracement of the recent downtrend. Japan 225’s latest rally ran out of gas near 18,490 but support rising toward 18,370 from 18,000 and RSI gaining on 50 indicates base building underway. Next upside tests on a breakout near 18,575 then 18,735. Hong Kong 43 is breaking out today, clearing 22,145 a Fibonacci level to complete a double bottom base. RSI clearing 50 also signals the start of a new uptrend. Index has rallied toward 22,200 with next potential resistance near 22,575 then 23,000. Hong Kong China H is back above 10,000 and breaking out of a base clearing 10,020 and driving on toward 10,100 with next resistance possible near 10,390 a 23% retracement of the previous downtrend. RSI confirms momentum turning upward. India 50 continues to recover, rallying up through 7,860 which may become support to complete a base. RSI also indicates momentum turning upward. Next potential resistance near 7,930 then the 8,000 round number.

North American and European Indices

US 30 is testing resistance near 16,720 (the top of an ascending triangle) on the index and 50 on the RSI both of which need to be cleared to signal a new uptrend. Next resistance near 16,835 if successful, support rises toward the 16,600 to 16,640 zone. US NDAQ 100 is testing resistance at its 200-day average near 4,390 where a breakout would complete an ascending triangle base and signal a new upleg with next potential resistance near 4,440 around the 50-day average and a prior support level. Support moves up toward 4,355. US SPX 500 continues to show signs of accumulation with the index regaining 1,975 and the RSI retaking 50 but it still needs to clear 2,000 to complete an ascending triangle base and confirm the start of a new uptrend. Germany 30 failed to retake a Fibonacci level near 10,340 and has turned sharply downward falling from 10,270 toward 10,190, trading more recently between 10,210 and 10,240 with next potential support near 10,045 then 10,000. UK 100 is bumping up against the high end of its 6,000 to 6,255 trading channel recently trading in the 6,220 to 6,240 range with more support near 6,205.


Gold is starting to turn upward once again, breaking out of the $1,100 to $1,110 range it had been trading in by rallying up from $1,108 toward $1,124 before running into resistance and dropping back to test $1,120 a measured objective as higher support. RSI breaking out of a downtrend signals an upturn in momentum. Crude Oil WTI has broken out of its $43.00 to $46.50 trading channel, breaking out of a downtrend and causing a descending triangle pattern to fail in the process. Next resistance possible near $48.00 then $49.40 on trend. RSI bouncing up strongly off 50 confirms underlying uptrend intact.


US Dollar Index has a rebound contained by 96.00 for the index and 50 on the RSI and has turned downward once again, dropping toward 95.60 with next potential support near 95.00 then 94.00. NZDUSD continues to form a rounded bottom base between $0.6250 and $0.6400, trading between $0.6340 and $0.6380 currently. RSI indicates downward momentum fading. AUDUSD is breaking out of a downtrend today trading above $0.7180 which may become support and looking for a move above $0.7200 for confirmation with next resistance near $0.7310 and $0.7400. RSI clearing 50 confirms an upturn underway. USDJPY has paused above 12000 near 120.50 with resistance near 121.30 and support near 119.50. Symmetrical triangle suggests consolidation within a downtrend offset by RSI suggesting an upturn pending. EURJPY is trading sideways between 135.00 and 137.00 near the middle of a broader 133.00 to 139.00 channel. RSI on 50 confirms neutral trend. A recent rally up from 135.90 ran out of gas near 136.60 with the pair sliding back toward 136.10.


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