Chart Signals: Mixed Signals from Indices, Resource dollars under pressure

Indices are sending mixed signals today. While the US30 US SPX500 and Japan 225 continue to soar, the UK 100, US NDAQ 100 and HongKong 50 have cracked and turned back downward indicating the post-election honeymoon may be nearing an end. Gold and JPY retreat as capital leaves defensive havens. NZD, AUD, SGD, MXN and CAD also remain under pressure to varying degrees.

Indices are sending mixed signals today. While the US30 US SPX500 and Japan 225 continue to soar, the UK 100, US NDAQ 100 and HongKong 50 have cracked and turned back downward indicating the post-election honeymoon may be nearing an end. Gold and JPY retreat as capital leaves defensive havens. NZD, AUD, SGD, MXN and CAD also remain under pressure to varying degrees.  


Asia Pacific Indices

Australia 200 continues its upswing with the index testing its 50-day average near 5,360 and the RSI testing 50 where breakouts would confirm the start of a new upswing with next resistance near 5,450 and 5,500. 

Japan 225 is breaking out today, clearing 17,430 a Fibonacci level and advancing on 17,500 with next potential resistance near a measured 17,770. RSI climbing confirms upward momentum increasing. 

Hong Kong 50 has resumed its downtrend after the index failed to retake 23,000 and the RSI failed to retake 50 confirming broader distribution continues. The index has dropped from near 22,900 toward 22,600 with next support near 22,555 then 22,455. 


North American and European Indices

US 30 is breaking out today, clearing 18,672 to trade at an all-time high near 18,884 and confirming the failure of a descending triangle. .RSI confirms upward momentum increasing. Next resistance possible near the 19,000 round number.  Overbought RSI suggests a correction possible with initial support near 18,800 then 18,770. 

US NDAQ 100 took a run at the top of a 4,650 to 4,900 trading range but then turned south, doving from near 4,860 back into the 4,700 to 4,780- area. RSI failing at a lower high and rolling back under 50 signals a downswing underway. 

US SPX 500 has caused a descending triangle to fail by breaking out of a downtrend and clearing its 50-day average near 2,150. Recently testing 2,175, next resistance appears near 2,190 then 2,280 based on a measured move from the current sideways range. 

UK 100 failed to retake 7,000 peaking at a lower high and has dropped back under 6,925 toward 6,840 within a 6,800 to 6,860 trading range. RSI failing to retake 50 confirms distribution underway with next potential support near 6,755 then 6,690.  

Germany 30 is still in an upswing, advancing toward the high end of its 10,000 to 10,880 sideways range. Recently near 10,695, with initial resistance near 10,710 support rises toward 10,590 while RSI regaining 50 confirms momentum turning upward again. Next potential resistance on a breakout appears near the 11,000 round number.  


Commodities 

Gold remains under distribution dropping under $1,282 a Fibonacci test and its 200-day average down into the $1,260 to $1,270 area with next potential support near $1,250. RSI breaking down under 50 confirms momentum turning downward. 

Crude Oil WTI failed to hold above $45.00 having run into resistance near $46.00. WTI has fallen back toward $44.70 in the $44.40 to $44.90 area. Downside support in place at the 200-day average near $43.10. 

Copper continues its major breakout rally driving up above $2.50 but appears to be encountering some resistance at a Fibonacci cluster in the $2.54 to $2.56 area, followed by $2.60 and $2.66. RSI getting really overbought suggests potential for a pause or correction with initial support near $2.44.  


FX 

US Dollar Index is bumping up against the top of a 97.00 to 99.00 channel which could end in a breakout or a double top. Next resistance near 100.00 then a measured 101.00 on a breakout with support rising toward 98.70 from 98.00. RSI suggests upward momentum recovering and index is not overbought.

EURUSD has stabilized near $1.0900 after bouncing off $1.0870 but a lot of damage was done by the plunge down from $1.1300 on Wednesday. RSI indicates downward pressure increasing.  Resistance falls toward $1.0955 from $1.1000 with next support near $1.0850 then $1.0800.  

GBPUSD is turning increasingly upward with Cable regaining $1.2500 and advancing on $1.2560 with next potential resistance at the 50-day average and a 23% Fibonacci retracement near $1.2690. RSI driving up off 50 confirms upward momentum increasing. 

NZDUSD has turned back downward after a rally attempt failed near $0.7400. The pair has plunged to test $0.7195 Fibonacci support which has pretty much held above a $0.7180 low while resistance drops toward $0.7230 from $0.7280. RSI back under 50 signals a downturn with next potential support near $0.7100. 

AUDUSD remains under accumulation forming a bullish ascending triangle today advancing from $0.7580 toward $0.7640 with resistance near $0.7700, $0.7725 and $0.7775. 

USDSGD is blasting off today smashing through $1.4000 and driving up to $1.4100 where it has paused to consolidate the move as support rises toward $1.4070. Next potential resistance near $1.4120. Overbought RSI and a negative divergence suggest rally getting overextended and a correction possible.  

USDJPY is breaking out again today, clearing 105.90 and advancing on its 200-day average near 106.70 where some resistance has emerged. RSI indicates upward momentum still increasing. Support in place near 105.15 with next resistance possible near 107.00 and 107.40. 

GBPJPY is breaking out today, blasting through its 50-day average near 132.95 and flying up toward 134.30 with next potential resistance near 135.00 then 137.20. RSI getting overbought suggests a pause or trading correction possible.  

EURJPY is breaking out today, clearing 116.00 the top of a trading channel to signal the start of a new uptrend with next potential resistance near 117.35 then 118.35 a 38% Fibonacci retracement level. Rising RSI confirms upward momentum accelerating. Support rises toward 115.80. 

USDCAD remains in an uptrend although it has encountered resistance near $1.3500 and dropped back toward $1.3430 but support remains in place near $1.3390 and $1.3310. Rising RSI confirms upward momentum increasing. Next potential resistance near $1.3570 a 50% Fibonacci retracement of its previous downtrend.  

USDMXN appears to have completed a correction and resumed its uptrend finding support near 19.80, regaining 20.00 and advancing into the 20.40 to 20.70 area with next resistance at its recent peak near 20.75 

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