The US 30 and US SPX 500 broke out of consolidation ranges today to signal the start of new uplegs into all-time high territory while the US NDAQ 100 continued to lead the way higher. Japan 225, UK 100 and Australia 200 also appear to be turning back upward. JPY has turned downward, giving up recent gains against USD, GBP and EUR.
Asia Pacific Indices
Australia 200 continues to swing upward with support rising toward 5,660 from 5,600 and the index advancing on 5,700 with next potential resistance near 5,725 then 5,800. RSI regaining 50 confirms momentum turning upward.
Japan 225 appears to be resuming its uptrend, rallying up off 18,84, driving up through 19,000 and advancing on its 50-day average near 19,180 with next potential resistance near 19,295.RSI rising back above 50 confirms momentum turning upward again.
Hong Kong 50 is breaking out to the upside today clearing the top of a 23,000 to 23,500 channel to signal the start of another upleg. The index has climbed toward 23,570 with next potential resistance near 23,640 then 24,000.
North American and European Indices
US 30 is breaking out today, blasting through the top of a 20,000 to 20,140 range and driving up through 20,200 with next potential measured resistance near 20,280. RSI rising up off 50 confirms upward momentum accelerating again.
US SPX 500 has broken through 2,300-2,305 resistance to signal the start of a new upleg, advancing on 2,310. Rising RSI indicates upward momentum increasing and a head and shoulders top failing. Next measured resistance on trend possible near 2,315 then 2,335.
US NDAQ 100 has decisively cleared 5,200 resistance advancing on 5,220 with next potential resistance near a measured 5,240 then 5,300. An overbought RSI and a negative divergence indicate upward momentum peaking and a pause or correction possible.
UK 100 is breaking out of a rounded bottom, clearing 7,200 and rallying toward 7,245. RSI above 50 and rising indicates momentum increasingly turning back upward. Support rises toward 7,225 with next potential resistance near 7,262 then 7,300.
Germany 30 continues to bounce up of 11,454 channel support driving up from near 11,540 toward 11,655 with next potential resistance near 11,725. RSI back above 50 confirms an upswing in momentum.
Gold has paused in the $1,230 to $1,240 to digest recent gains above Fibonacci support and work off a slightly overbought RSI. Next potential resistance at a round number and Fibonacci cluster between $1,250 and $1,255 with more support possible near $1,220.
Crude Oil WTI has regained its 50-day average near $51.90 and advanced into the $52.50 to $53.00 area. Overall though it continues to swing up and down within a $50.40 to $54.20 channel with RSI sitting on 50 and in a 40-60 channel confirming sideways momentum.
US Dollar Index is still steadily climbing up from 100.00 round number support, advancing on 100.65 with next potential resistance near 101.00 then 101.35. RSI bumping up against 50 where a breakout would confirm an upturn in momentum.
EURUSD continues to struggle with $1.0700 lower resistance as it trades in a $1.0640 to $1.0720 channel recently near $1.0660. RSI slipping under 50 signals momentum turning downward with next potential support at the 50-day average near $1.0600.
GBPUSD continues to climb up out of a bear trap, trading near $1.2500 with next resistance possible in the $1.2550 to $1.2575 area then $1.2685. RSI holding 50 indicates underlying upward momentum intact.
NZDUSD remains under pressure building on Thursday’s breakdown with resistance falling toward $0.7270 from $0.7320 and the pair diving toward $0.7200 with next potential support in the $0.7100 to $0.7120 area where the 50 and 200-day averages cluster. RSI testing 50 where a breakdown would signal a downturn in momentum.
AUDUSD remains in an uptrend but has paused to work off an overbought RSI in the $0.7600 to $0.7700 zone. The pair has slipped back from near $0.7760 toward $0.7620. Next resistance near $0.7725 with next support near $0.7500 a round number and the 200-day average.
USDSGD is testing resistance near $1.4200 for the pair and 50 for the RSI where breakouts would signal the start of a new uptrend but failures would keep the recent downtrend intact. Support in place near $1.4155 with next potential resistance near $1.4255 a Fibonacci level then the 50-day average near $1.4300.
USDJPY is turning upward, braking out over 112.35 Fibonacci resistance to signal the start of a new upswing but needing RSI to retake 50 for confirmation. The pair has rallied up toward 113.25 with next potential resistance near 114.05.
GBPJPY is breaking out to the upside today, clearing 140.00 a round number and the 200-day average to signal the start of a new upswing then rallying toward 141.55. Next potential resistance near 142.25 then the 50-day average near 143.00. RSI bumping up against 50 where a breakout would confirm an upturn in momentum.
EURJPY is turning upward rallying up from 119.40, regaining 120.00 and advancing on 121.00 a Fibonacci level with next potential resistance near 121.50.
USDCAD remains under distribution with the pair falling away from a lower high near $1.3200 toward its 200-day average near $1.3140 with next potential support near $1.3100, $1.3070 and then $1.3000. RSI unable to conquer 50 resistance indicates broader downtrend intact.
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