It’s been a big day for trading. Early in the day, the US 30, US SPX 500 and Germany 30 all hit new all-time highs, while Australia 200 has broken out of a base. Indices took advantage of early weakness in USD that also sparked spikes in EUR, AUD and NZD although some of these gains have been whittled back as the day has progressed. Once again, resource gains come despite a big selloff and breakdown in crude oil.
Asia Pacific Indices
Australia 200 is breaking out today, clearing 5,800 and its 50-day average near 5,818. RSI breaking out of a downtrend and retaking 50 confirms momentum turning upward. Next potential resistance near 5,900 then 5,960.
Japan 225 continues to struggle with 20,000 round number resistance, failing to break through and then dropping back toward 19,850. So far 19,755 Fibonacci support has been holding but with RSI trending down toward 50 a downturn remains possible.
Hong Kong 50 continues to roll over, unable to retake 26,000 round number resistance and trading near 25,900 with next support near 25,870 then 25,780. RSI rolling over indicates uptrend has peaked and a correction starting.
North American and European Indices
US 30 is climbing to another new all-time high today, confirming yesterday’s breakout over 21,280 and the start of a new upleg. RSI is getting overbought but still confirming increasing upward momentum. Recently trading near 21,345 next potential resistance appears near 21,380 then a measured 21,400 and 21,500.
US SPX 500 broke out to a new all-time high today, clearing 2,438 and advancing on 2,444 before dropping back for a retest which may not be holding with the index trading near 2,436. Steady RSI suggests slowing upward momentum. Next potential resistance near 2,450 then a measured 2,458 with next support in a pullback possible near 2,428 then 2,417.
US NDAQ 100 is bumping up against 50 on the RSI and the extension of a broken uptrend line near 5,775. Breakouts over these levels would call off recent weakness and signal an upturn. Failures, however, would confirm a bearish turn. Next resistance possible near 5,800 with next support near 5,715.
UK 100 failed to hold above 7,500 and has rolled down toward 7,470. RSI falling toward 50 indicates a downturn in momentum pending. The index still needs to retake 7,555 to call off a head and shoulders top. Next support possible near 7,450 then 7,400 based on previous lows.
Germany 30 spiked up from near 12,800 through 12,900 to a new all-time high but ran into resistance near 12,915 and gave it all back, forming a bearish shooting star candle and a bull trap top. A negative RSI divergence indicates slowing upward momentum. Next potential support near 12,690
Gold remains in an uptrend, still attracting support above $1,260 and 50 on the RSI. Recently trading between $1,265 and $1,271, next resistance appears near $1,280 with next support near $1,256 a Fibonacci level.
WTI crude oil is breaking down today, plunging from $46.40 toward $44.60, taking out $45.00 along the way which has switched from support to resistance. Falling RSI indicates increasing downward momentum with next potential support near $43.45 the May low.
US Dollar Index remains under distribution, falling from near 97.00 to test the bottom of a 96.45 to 97.65 trading range. RSI faltering short of 50 indicates distribution intact. Next potential support near a measured 95.90.
EURUSD rallied up off of $1.1200 to test the top of its $1.1165 to $1.1290 trading range but failed to break out and slumped back toward $1.1240. RSI falling away from 70 indicates upward momentum fading and a downturn pending with next potential support near $1.1118 a 23% retracement of the recent advance.
GBPUSD ran into resistance at $1.2815, its 50-day average and has dropped back under $1.2790 a Fibonacci level, but is holding above $1.2715 a Fibonacci level and a higher low. Signals are mixed overall with RSI indicating downward momentum but the price up from $1.2635 indicating renewed support.
NZDUSD is breaking out today, blasting up off of $0.7200 through $0.78225 trading up toward $0.7325 before backsliding toward $0.7270 in normal backing and filling. RSI confirms increasing upward momentum but is getting overbought, opening the door to a correction. Next potential resistance near $0.7375.
AUDUSD spiked up off of $0.7535, rallying toward $0.7625, but has since dropped back toward $0.7590, all Fibonacci levels. RSI confirms increasing upward momentum.
USDSGD has finally resolved a question over trend by breaking down through the bottom of a trading range near $1.3790 and diving down toward $1.3715 before rebounding toward $1.3750. RIS confirms ongoing distribution. Next potential support near $1.3645.
USDJPY is turning back downward today, falling from 110.40 back under 110.00 causing an ascending triangle to fail, and diving toward 109.00. RSI rolling over indicates distribution resuming. Next potential support near 108.85 then 108.15.
GBPJPY has slipped back under 140.00 toward the bottom of a 139.00 to 141.00 trading range just above the 200-day average. Falling RSI indicates accelerating distribution. Next potential support near
EURJPY remains under distrubiton with the RSI falling away from 50 and a bearish descending triangle forming above 122.50. Resistance falls toward 123.60 with next potential support on a breakdown near 121.90 the 50-day average.
USDCAD is testing $1.3200 support which appears to be holding for now especially with the RSI getting oversold. Next downside support possible near $1.3100 with initial rebound resistance near $1.3245 then $1.3300.
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