US indices rallied to another set of new all-time highs, but this time the rally has broadened out to include the US Small Cap 2000, Germany 30 and Crude Oil WTI all posting breakouts today to confirm strong new interest in markets. Japan 225 has also been picking up. In currencies, GBP is rebounding while AUD, NZD, and EUR have been weakening while trading in gold and JPY has been mixed.
Asia Pacific Indices
Australia 200 is trading between 5,780 and 5,840 recently near 5,810 trying to decide whether to break out and take a run at 5,900 or even 6,000 or roll over and fall back to retest its 50-day average near 5,700.
Japan 225 is continuing its advance up off 19,000 rallying up from its 50-day average near 19,225 toward 19,470 with next potential resistance near 19,580 then 19,680.A symmetrical triangle forming suggests a consolidation phase underway within a larger uptrend while RSI back above 50 suggests upward momentum increasing.
Hong Kong 50 has run into resistance near 24,245 and dropped back to retest 24,000. RSI overbought and rolling over suggests a correction could be starting with next support possible near 23,755.
North American and European Indices
US 30 rallied to a new all-time high today peeking above 20,750 with next measured resistance possible near 20,780. RSI remains overbought buy also continues to confirm upward momentum so the trend continues despite correction risk. Initial support possible near 20,660 and 20,540.
US SPX 500 has reached another new all-time high, breaking through 2,350 and advancing on 2,366 with next measured resistance possible near 2,380 then 2,400 on trend. RSI overbought but confirming upward momentum intact for now. Support rises toward 2,360.
US NDAQ 100 continues to climb, advancing on 5,350 after breaking out over 5,320. RSI really overbought but still showing upward momentum increasing for now. Initial support rises toward 5,332.
US SmallCap 2000 is breaking out today, clearing 1,400 to complete a consolidation phase and signal the start of a new uptrend. RSI above 50 and rising indicates momentum turning increasingly upward. Next potential measured resistance near 1,455.
UK 100 has slipped back under 7,300 having dropped back from 7,325, trading near 7,285 and holding above 7,255. RSI falling back from 70 indicates momentum downshifting from upward to neutral.
Germany 30 is breaking out today, clearing 11,900 to call off a double top and signal the start of a new upleg with next potential upside resistance near 12,000 then a measured 12,350. Initial support rises toward 11,955.
Gold is starting to roll over, falling from near $1,239 toward $1,225 before bouncing back toward $1,236. RSI falling toward 50 indicates upward momentum fading and a downturn possible. Next support possible near $1,220.
Crude Oil WTI has a major breakout underway today clearing $53.85 to complete a big bullish ascending triangle pattern. Rising RSI confirms increasing upward momentum. The price rallied up toward $54.60 before settling back toward $54.00. Next potential resistance near the $55.00 round number, which is close to a measured move from the recent $52.65 to $53.85 range as well.
US Dollar Index is breaking out today, clearing 101.00 once again and its 50-day average. RSI rising up off 50 confirms momentum turning upward. Recently trading near 101.40, next potential upside resistance tests appear near 101.70 then 102.50.
EURUSD is breaking down today, taking out its 50-day average near $1.0600 then diving down through $1.0585 a Fibonacci level on its way toward $1.0540. RSI falling away from 50 indicates downward momentum increasing. Next potential support near $1.0500 then $1.0470 and $1.0400.
GBPUSD successfully retested at its 50-day average near $1.2410 once again and has bounced back up toward $1.2475. RSI steadying near 50 suggests recent downtrend may be ending. Next rebound resistance possible near $1.2545 with initial support rising toward $1.2460.
NZDUSD remains under pressure, with resistance falling toward $0.7200 and the pair dropping to test its 200-day average near $0.7125 before finding some support. RSI falling under 50 indicates momentum turning downward with next support at the 50-day average near $0.7110.
AUDUSD continues to struggle with $0.7725 channel resistance falling back toward $0.7675 with next potential support near $0.7605.
USDSGD is still bouncing around between $1.4155 and $1.4255 recently trading near $1.4200 after running into some resistance near $1.4230.
USDJPY has popped up from near 113.00 toward 113.80 but with RSI sitting on 50 this looks like a normal bounce within a broader sideways trend between 112.35 and 114.05 two Fibonacci retracement levels.
GBPJPY is on the rebound with support rising from 140.00 toward 140.90 and the pair climbing toward 141.80 approaching a potential retest of its 50-day average near Fibonacci resistance near 142.25 with its next test after that near 144.75. RSI back above 50 indicates momentum turning back upward.
EURJPY is still drifting downward with resistance falling toward 120.50, the pair sliding under 120.00 toward 119.80 and next potential support near 119.05 a Fibonacci level. RSI still under 50 confirms ongoing distribution.
USDCAD is trading near its 200-day average near $1.3140 as it bounces around between $1.3100 and $1.3160. Next resistance near $1.3200 with next potential support near $1.3070. RSI testing 50 but needs to break out to signal a more serious upturn.
CMC Markets Singapore may provide or make available research analysis or reports prepared or issued by entities within the CMC Markets group of companies, located and regulated under the laws in a foreign jurisdictions, in accordance with regulation 32C of the Financial Advisers Regulations. Where such information is issued or promulgated to a person who is not an accredited investor, expert investor or institutional investor, CMC Markets Singapore accepts legal responsibility for the contents of the analysis or report, to the extent required by law. Recipients of such information who are resident in Singapore may contact CMC Markets Singapore on 1800 559 6000 for any matters arising from or in connection with the information.