Asia Pacific Indices

Australia 200 has dropped back from 5,270 through 5,245 on toward 5,200 with next support near 5,145 in a normal downswing within a sideways channel. RSI sitting on 50 confirms sideways trend. Japan 225 continues to struggle with Fibonacci cluster and round number resistance in the 19,900 to 20,000 area and has slipped back into the 17,780 to 19,870 zone. RSI braking uptrend support suggests a correction starting with next potential support near 19,700. Hong Kong 43 remains stuck in a broad channel between 21,830 and 23,415 with RSI sitting on 50 confirming sideways momentum. Recently the index has cropped back from 22,500 toward 22,440 with next potential support near 22,150 a Fibonacci level. India 50 has retrenched back into the 7,890 to 7,930 zone after meeting resistance near 7,960 but remains in an uptrend with next resistance near 8,000.

North American and European Indices

US 30 has encountered some resistance near 17,920 with more possible near 17,990. It dropped back toward 17,880 then 17,710 before finding support and rebounding toward 17,775. RSI suggests upward momentum weakening. US NDAQ 100 ran into resistance near 4,740 and then dropped back apparently completing a double top. It remains in an uptrend of higher lows with support moving up toward 4,680 from 4,655 but if those levels fail, 4,600 could be retested. RSI suggests upward momentum stalling US SPX 500 is coming off a bearish outside reversal day where it peeked above 2,100 briefly then turned down toward 2,075 eclipsing the prior day’s range. Next support possible near 2,060 a Fibonacci level. Germany 30 has started to roll over breaking down through 11,215 a Fibonacci level and falling into the 11,080 to 11,140 zone while RSI suggests a correction underway. 11,000 remains key round number support UK 100 is still climbing within its 6,050 to 6,500 trading channel but has dropped back to test support in the 6,370 to 6,400 range after running into resistance near 6,450. Rising RSI confirms upward momentum still increasing.

Commodities

Gold faltered near $1,070 confirming it as lower resistance and then plunged to a new low on trend into the $1,050 to $1,055 range. Even though a positive RSI divergence has emerged the price appears to be drawn toward a retest of the $1,000 round number. Crude Oil WTI is breaking down again today, falling below $40.00 into the $39.00 to $39.40 area with next potential downside support near $38.60 and $37.45.

FX

US Dollar Index is sitting on the 100.00 round number with resistance emerging near 100.35 but still in an uptrend with support rising to the 99.75 to 99.85 area. An emerging negative RSI divergence suggests upward momentum tiring. EURUSD appears to be stabilizing in the $1.0550 to $1.0630 area while RSI suggests downward pressure levelling off. Next downside support in the $1.0475 to $1.0500 area with upside resistance near $1.0680 then $1.0740. NZDUSD has encountered some resistance near $0.6700 with more possible near $0.6730. It is consolidating recent gains near $0.6640 with RSI holding above 50 indicating momentum still turning upward. AUDUSD has levelled off in the $0.7300 to $0.7320 area in what so far appears to be a normal pause fo a rest within an emerging uptrend. Next resistance near $0.7345 then $0.7400 with more support near $0.7285. RSI confirms upward momentum increasing. USDJPY continues to bounce around between 122.25 and 123.75 which so far appears to be another pause in an ongoing uptrend but a head and shoulders top forming in the RSI suggests a change in direction may be pending. EURJPY has held 130.00 round number support and has kicked off a trading bounce into the 130.70 to 131.00 area with RSI suggesting downward pressure easing for now. Next resistance possible near 123.20. USDSGD is hanging around $1.4100 in a $1.4090 to $1.4130 range with RSI siting on 50 confirming sideways momentum.

 



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