Asia Pacific IndicesJapan 225 has stabilised in the 17,250 to 17,250 after a catch up selloff took it down toward 17,190 within striking distance of the August low near 17,134. RSI trending lower indicates downward pressure still growing. Hong Kong 43 remains in a downtrend, falling into the 20,790 to 28,880 area with RSI confirming growing downward momentum. Next resistance near 21,000 with next potential support near 20,735 then the low set earlier this month near 20,335. Hong Kong China H remains under distribution tracking below a downtrend resistance line into the 9,300 to 9,370 area with falling RSI confirming the decline. A retest of 9,000 or the August low near 8,940 remains possible. Australia 200 is holding steady between 5,030 and 5,070 a Fibonacci level, above 5,000 round number support. RSI remains stuck below 50 which it needs to regain to confirm an upturn. Next upside tests within a broader channel appear near 5,125 then 5,245. India 50 continues to climb up off of 7,750 where it appears to have completed the right shoulder of a head and shoulders base, while RSI confirms downward momentum fading. Currently in the 7,830 to 7,870 range neckline resistance appears near 8,080.
North American and European IndicesUS 30 remains under pressure, falling from near 16,340 to successfully test 16,030 a Fibonacci test before rebounding toward 16,120. A retest of the 16,000 round number remains possible. RSI falling down from 50 suggests downward momentum increasing. US NDAQ 100 is trading between 4,210 and 4,240 as it tests support at a Fibonacci cluster near 4.230. Should this fail, next downside support doesn’t appear until 4,130 then 4,080. RSI under 50 and falling indicates downward pressure increasing. US SPX 500 remains under distribution trading in the 1,915 to 1,925 range with resistance falling toward 1,946 and 1,940 with next potential support near 1,900. Falling RSI confirms downtrend accelerating. Germany 30 is falling again dropping into the 9,440 to 9,400 range with a potential retest of the Aug low near 9,320 looming ever closer with the potential for a breakdown, bear trap or double bottom. A positive RSI divergence has emerged based on closing prices. UK 100 is hanging around the 6,000 round number, near the middle of a 5,900 to 6,100 trading range.
CommoditiesGold is breaking out today, rallying up from $1,135 through its previous peak near $1,142 and on toward $1,156 with next potential resistance near $1,160 a Fibonacci test before settling back toward $1,152 and possibly a retest of $1,150. RSI confirms upward momentum increasing. Crude Oil WTI has slumped back under $45.00 and on into the $44.20 to $44.60 area in the lower half of its $43.00 to $46.60 trading range after bouncing off of $43 60. RSI has broken 50 signalling a downturn in momentum. Next potential support on a channel break near $42.00 then $40.00.
FXUS Dollar Index has run into resistance at a lower high near 96.65 and dropped back under 96.00 to test 95.55 before rebounding toward 96.10. RSI hanging around 50 indicates momentum remains neutral. NZDUSD has successfully retested $0.6240 support, completing a triple bottom. It has bounced back up into the $0.6330 to $0.6370 zone with next resistance near $0.6400 then $0.6450. RSI suggests downward pressure easing and an upturn pending. AUDUSD has bounced back above $0.7000 following a successful retest of $0.6900 which completed a double bottom. Initial rebound resistance near $0.7020 then $0.7080. USDJPY continues to form a symmetrical triangle around 120.00 in the 118.50 to 121.50 zone. RSI still under 50 indicates momentum neutral to downward. Recently trading between 119.50 and 119.90. EURJPY is loitering in the 134.40 to 134.80 area, trying to decide which way to swing next within a 133.25 to 137.25 sideways trending channel.
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