Asia Pacific IndicesAustralia 200 is breaking down again, taking out the 5,000 round number with RSI confirming downward pressure increasing. It has dropped into the 4,910 to 4,950 area with next support possible near 4,890. Japan 225 took out its August low near 17,135 on its way toward 16,890 before rebounding up toward 17,240 a classic bear trap bounce. It has since dropped back toward 17,080. A break of 17,000 would signal a new downleg. Hong Kong 43 has bounced up off a higher low near 20,310 back up into the 20,480 to 20,640 range as it continues to try to build a base around its August lows. A retest of 20,100 remains possible. Hong Kong China H continues to attract support above its August low near 8,940 having bounced up into the 9,190 to 9,320 area. RSI still under 50 which it needs to retake to call off its broader downtrend. India 50 successfully retested 7,660 to complete the right shoulder of a head and shoulders bottom pattern. It rallied back up toward 7,900 but has dropped back toward 7,800 with more support near 7,750. More resistance in place near the 8,000 round number.
North American and European IndicesUS 30 is breaking down today, failing to hold early strength, taking out 16,000 and dropping toward 15,950. With RSI still under 50 and drifting lower, a retest of the August closing lows in the 15,700 to 15.800 range remains possible. US NDAQ 100 has come under renewed pressure, dropping from near 4,120 down toward 4,060 under 4,080 a Fibonacci level opening the door to a possible retest of the August closing lows and 4,000 round number. Currently trading in the 1,870 to 1,890 area. US SPX 500 successfully retested its August closing lows near 1,870 with the intraday low closer to 1,830, while RSI near oversold and a higher low emerging suggests recent selloff may be getting overdone. A break through 1,900 is needed to signal an upturn. Germany 30 has successfully retested its August low near 9,320 to complete a double bottom with a higher low on the RSI confirming downward pressure easing. It has bounced up into the 9,420 to 9,490 range with next resistance near 9,720. UK 100 is trying to stabilize in the 5,920 to 5,950 range, having dropped under 6,000 with more support possible near 5,880. Still trading well above its August low near 7,765 it remains vulnerable with a retest possible.
CommoditiesGold has retested $1,125 shoulder support successfully and bounced back up toward $1,131 with next resistance near $1,142 as a head and shoulders base continues to form. RSI holding 50 confirms upward momentum building. Crude Oil WTI continues to level off around $45.00 with RSI sitting on 50 confirming sideways momentum. Currently trading in the $44.60 to $45.50 range with next resistance near $46.00 and next support near $43.75.
FXUS Dollar Index is holding around 96.00 near the top of a 94.00 to 97.00 trading channel. RSI on 50 indicates sideways momentum. NZDUSD continues to struggle with $0.6400 resistance but continues to base build as support moves up toward $0.6340 from $0.6240 where a double bottom appears to be in place. RSI needs to clear 50 to signal an upturn in momentum. AUDUSD has drifted back under $0.7000 having run into resistance once again near $0.7040, keeping its downtrend intact while the RSI confirms ongoing pressure. So far $0.6980 support has been holding with more possible near $0.6890. USDJPY has slipped back under 120.00 into the lower part of its 119.00 to 121.50 trading channel. RSI confirms broader downward momentum intact. EURJPY is struggling with resistance near 135.00 for the pair and 50 on the RSI keeping its broader downtrend intact with next potential support near 134.60 then 133.00.
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