North American indices
US30 is holding near 14,575 but a recent negative RSI divergence suggests upward momentum fading. Initial channel support appears near 14,400 with key trend support near 14,320 in a correction.
SPX500 looks vulnerable. Recent high was not confirmed by the RSI, a negative divergence that indicated slowing upward momentum. It has broken initial trend support near 1,560 but has held key rising channel support near 1,540 so far followed by 1,500.
NDAQ100 is holding near 2,775 but given Friday’s major trend break of 2,790 and downturn of the RSI under 50, this appears to be a pause within a potentially deeper correction with next support near 2,755, 2,740 and 2,700.
US SmallCap 2000 remains short of 930 let alone its key 935 breakdown point. Resistance coming in at lower levels indicates its new downtrend remains intact with next support near 911, 894 and 870.
Canada60 remains in free fall, trading near 705 having area with potential support near 700 or 692 and resistance near 710 or 715.
UK and European Indices
UK 100 tried to rebound but struggled with resistance at a lower high near 6,300, well short of its 6,375 breakdown point. With RSI under 50 and falling, downward mo keeps building with next key support near 6,200.
Germany30 is finding some support near 7,670 near the low end of Friday’s trading range and way short of the 7,800 breakdown point. Falling RSI indicates downtrend pressure intact with next key support near 7,500 then 7,100.
France 40 has been unable to retake the 3,700 level it broke in Friday indicating that downward pressure remains intact with next support near 3,600 then 3,480.
Italy 40 is bouncing around between 15,100 and 15,500 but remains in a broad downtrend with next major support near 14,850.
Spain 35 is trying to regain its footing near 6,800 but remains in a downtrend with next support near 7,475 if it fails and initial rebound resistance near 7,890 then 8,000.
Gold has stalled near $1,575 after bouncing back Friday. A positive RSI divergence suggests downward momentum slowing but it still has a lot of work to do to confirm a new uptrend with key resistance near $1,600 and $1,620.
Silver has bounced up out of its $26.50 to $27.00 support zone toward $27.25. RSI climbing up out of oversold territory suggests it could be due for a bounce with next resistance near $28.25, a former support level.
Platinum is testing $1,545, a former support level it needs to retake to call off its current downtrend. Next resistance near $1,565 or $1,600 if it is successful, next support in the $1,500 to $1,515 area if it fails.
Copper has retaken $3.37 as it bounces up off of $3.30, signalling the start of a new upswing with next potential resistance near $3.45.
US crude is trading near $93.00 between $91.75 shoulder support and $94.00 neckline resistance from a previous failed reverse H&S base.
UK crude is once again testing $105.00. A growing positive RSI divergence suggests the potential for base building below $107.50 resistance with next support near $102.75 then $100.00 if it fails.
Gasoline successfully retested $3.85 channel support Friday and has started to rebound with net resistance $2.97 then $3.05.
Natural Gas has broken out to a new high today, clearing $4.10 but RSI hasn’t confirmed suggesting that this could be a last gasp rally before spring arrives in earnest. Last week was cold, so we could get another late drawdown that could keep interest going for a few days. Next support near $3.85.
Orange Juice it holding above $1.45, confirming Friday’s major channel and ascending triangle breakout. Next upside resistance appears near $1.65 then a measured $1.80 with support moving up toward $1.40 then $1.34.
Soybeans have bounced up off of a successful test of the low end of their trading channel near $13.60. A bounce within the current trading channel could potentially test $14.00, $14.15 or $14.70 initially.