Asia Pacific Indices

Australia 200 has been drifting lower after failing to overcome resistance near 5,200 on the index and 50 on the RSI. It has dropped back toward 5,090 with next potential support near 5.070 a Fibonacci level and then 5,000 a channel low and round number. Hong Kong 43 held support at a higher low near 21,630 and has bounced back up toward 21,830 with next potential resistance near 22,000 then 22,145 a Fibonacci level. RSI holding 50 indicated momentum turning upward. Hong Kong China is bouncing around between 9,830 and 9,950 having failed to break downtrend resistance near 10,180 and fallen back under 10,000. RSI has also faltered at 50 to confirm downward momentum intact. Next potential support near 9,645. India 50 has gone into retreat once again, taking out 8,000 retesting it as new resistance and turning downward toward 7,955 with next potential support near 7,935 the 7,835. Japan 225 has bounced up from 17,800 but continues to struggle with the 18,000 round number with resistance emerging at a lower high near 17,920. Next upside resistance near 18,210 with next support near where a lower high has emerged near 17,780 then 17,695.

North American and European Indices

US 30 has continued on down from last week’s bearish reversal down through the 16,475-16,500 zone (new resistance) and on toward 16,350 with next support possible near 16 280 before bouncing back toward 16,425. RSI failing at 50 confirms downward momentum intact. US NDAQ 100 has staged a major breakdown through a trend support line causing an ascending triangle base to fail as it took out 4,355 a Fibonacci level and falling on toward the 4,320-4,340 range. Next potential support near 4,290 then 4,230. US SPX 500 is falling again having completed a bull trap reversal above 2,000 last week, it has dropped back under 1,975 a Fibonacci level and dropped on toward 1,955 with next potential support near 1,940. RSI back under 50 indicates recent rally appears to be failing. Germany 30 has broken down again, taking out 10,100 causing an ascending triangle to fail then diving down below 10,000 on its way toward 9,890 a Fibonacci test with next potential support at a previous low near 9,620. Resistance falls toward 9,940. RSI downturn confirms downward momentum increasing again. UK 100 has dropped back under 6,100 into the lower half of its 6,000 to 6,200 consolidation range but more importantly RSI failed at 50 indicating its broader downtrend remains intact and a retest of the August low near 5,800 looks possible. Initial support near 6,080 then 6,065.

Commodities

Gold has broken out of a downtrend, clearing $1,126 and $1,135 on its way toward $1,142 a Fibonacci test with next resistance possible near $1,160. RSI breaking a downtrend and clearing 50 confirms an upturn in momentum underway. Crude Oil WTI was pounded back down from $46.50 toward $44.75 over the course of about an hour on Friday and has been testing $45.00 as new lower resistance. RSI holding 50 so far but a breach of support would confirm a downturn. Next support possible near $44.00 (prior lows) then $43.00 (Fibonacci and channel support).

FX

US Dollar Index has climbed back above 95.00 for now but remains in a downtrend of lower highs below 95.50 while RSI remaining below 50 confirms downtrend intact. Next potential downside support near 94.40 then 94.00 and 92.80. RSI under 50 and falling confirms downward pressure increasing. NZDUSD is hanging around $0.6400, still in the upper half of a $0.6250 to $0.6440 base building channel. RSI needs to regain 50 to signal an upturn. AUDUSD continues to attract support above $0.7440 where it recently broke a downtrend line and 50 on the RSI, confirming both as new support. Next potential resistance appears near $0.7230. USDJPY has popped back up above 120.00, up from 119.70 but it essentially remains range bound between 119.00 and 121.50. RSI flat below 50 suggests a pause underway within a broader downtrend with next potential support on a breakdown near 118.40 then 116.00. EURJPY has resumed its primary downtrend with resistance falling toward 137.50 and the pair dropping toward 135.50. RSI back under 50 confirms the downturn. Next potential resistandce near 135.00 then 134.20 and 133.40.



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