It’s been a huge day for trading in indices with US 30 and the US SPX 500 reaching new all-time highs while the Germany 30, UK 100, Japan 225 and Australia 200 have all staged strong advances as well. AUD, NZD, EUR and CAD also continue to climb. Even though some markets may be getting overbought, upward momentum continues to accelerate for now. Meanwhile, gold still appears to be bottoming while GBP and WTI appear to be in correction mode.
Asia Pacific Indices
Australia 200 is starting to advance again, clearing 5,500 and testing 5,525 with net potential resistance on a breakout possible near 5,580 to 5,610. RSI indicates upward momentum increasing again.
Japan 225 has resumed its uptrend rallying from 18,490 toward 18,650 with next potential upside tests near 18,750 then the 19,000 round number. Initial support rises toward 18,590.
Hong Kong 50 has come under renewed accumulation advancing from near 22,800 toward 22,880 as an ascending triangle base continues to form below 23,000. RSI holding 50 confirms underlying accumulation intact. Next resistance on a breakout near 23,410.
North American and European Indices
US 30 is breaking out again today clearing 19,280 and soaring up into the 19,500 to 19,540 area. RSI is extremely overbought but for now is confirming strong upward momentum. The index appears to be moving to within striking distance of the 20,000 round number.
US SPX 500 has broken out of 2,180 to 2,215 trading range to a new all-time high, advancing on 2,235. Next measured resistance possible on a breakout near 2,250.
US NDAQ 100 has cleared 4,800 and its 50-day average to move into the upper half of its 4,700 to 4,900 trading range with next upside testes possible near 4,920 then 5,000. Support rises toward 4,820 from 4,780.
UK 100 has resumed its uptrend following a pause, rallying from near 6,820 through 6,845, its 50-day average near 6,890 and 6,925 which may become support levels. RSI regains 50 to confirm an upturn in momentum with next resistance possible near 7,000 then 7,110.
Germany 30 is breaking out today, clearing 10,880 to signal the start of a new upleg carrying on through the 11,000 round number and on toward 11,050. Next potential resistance near 11,060 then 11,410 its late 2015 peak. RSI above 50 and breaking out confirms upward momentum accelerating.
Gold continues to base build trading near $1,172 a Fibonacci level climbing within a $1,170 to $1,174 trading range with next potential resistance near $1,176 then $1,188. Oversold RSI indicates potential for a trading bounce.
Crude Oil WTI is still retrenching in a normal trading correction with resistance falling from $51.60 toward $50.80. RSI flattening at a higher level and the price holding near $50.00 indicate continued underlying interest. Next potential downside support near $49.60 then $48.40 in a pullback situation.
US Dollar Index is holding steady near 100.30 below the 101.00 level it recently broke turning it into resistance and support in the 99.75 to 100.00 area between a Fibonacci level and a round number. RSI holding 50 suggests underlying uptrend intact through the current trading correction.
EURUSD is consolidating its recent breakout over $1.0685 a Fibonacci level that has become higher support trading near $1.0750. RSI testing 50 where a breakout would confirm an upturn in momentum. Next potential resistance at a Fibonacci cluster between $1.0770 and $1.0800.
GBPUSD continues its correction with resistance falling toward $1.2700 a Fibonacci level and the pair sliding back toward the $1.2580 to $1.2620 area with next potential support at the $1.2500 round number. So far this looks like a normal pullback within an uptrend.
NZDUSD keeps steadily working its way higher holding above $0.7100 and testing its 50-day average near $0.7155 with next potential resistance near $0.7195 a Fibonacci level then $0.7260. RSI regaining 50 signals momentum turning back upward.
AUDUSD is still forming an ascending triangle base of higher lows below $0.7500. RSI gaining on 50 indicates momentum poised to turn upward. The pair has been trading near $0.7480. On a breakout the pair could challenge the $0.7525 to $0.7560 area between its 200 and 50-day averages.
USDSGD is still falling away from a double top, taking out $1.4200 and sliding toward $1.4180 with next potential pullback support near $1.4155 then $1.4075. RSI indicates uptrend fading and a downturn in momentum pending.
USDJPY is sitting on 114.00 below resistance in the 114.80 to 115.00 area and above support near 112.80. Signals are mixed as higher lows indicate accumulation while an overbought but falling RSI suggests the start of distribution.
GBPJPY is trading near its 143.50 200-dya moving average within a 142.25 to 146.45 range between the 50% and 62% retracements of its previous downtrend. RSI overbought and rolling over indicates uptrend fading but it’s unclear if we are entering a sideways consolidation phase or the start of a downward correction.
EURJPY remains under accumulation holding above 122.00 its recent breakout point. Upside resistance may appear near 122.50 then 123.20 its recent high. Overbought RSI indicates potential for a pause or a correction. Next support possible at the 50-day average near 120.85.
USDCAD has resumed its downtrend falling away from $1.3300 Fibonacci resistance toward $1.3235 with next potential support near $1.3220 then $1.3180. RSI indicates downward momentum accelerating