Technical Notes On Indices and Commodities 25 March
North American indices
US30 is testing 14,550 channel resistance today. Next measured resistance on a breakout appears near 14,760 with support moving up toward 14,500.
SPX500 is bumping up against its 2007 high near 1,565. A breakout would signal the start of a new upleg with next measured resistance near 1,595. Support moves up toward 1,555 then 1,535.
NDAQ100 is testing 2,825 where a breakout would signal the start of a new upleg on trend where a measured 2,860 or the Sept high near 2,880 could potentially be retested. Support remains in place near 2,780.
US SmallCap 2000 is climbing within its 935 to 955 trading range, keeping its broader uptrend intact. Next measured resistance level cluster in the 975-980 area.
Canada60 continues to bounce around in the 725 to 745 range.
UK and European Indices
UK100 has rallied up off a successful retest of 6,375 channel support. RSI held 50 also indicating upward momentum remains intact. It currently faces prior resistance near 6,475 then 6,550.
Germany30 tried to retake 8,000 but has failed to do so indicating that resistance remains powerful and upward momentum continues to stall short of its 2007 peak. Current channel support appears near 7,900.
France40 is sending mixed signals today. Index faltered at a lower high near 3,830, but RSI remains supportive above 50. A break of 3,790 would signal the start of a new downswing with next potential support near 3,745 then 3,690.
Italy40 was unable to reclaim 16,250 and has been pounded back under 16,000. RSI remaining below 50 confirms downtrend continues. Key potential support tests appear near 15,800, 15,660, and 15,380 on trend.
Spain35 popped overnight but peaked at another lower high near 8,470 and has already resumed its downtrend, trading near 8,350 with next support near 8,260 then 8,100. .
Gold was knocked back from near $1,620 under $1,600 while RSI faltered near 55 suggesting its broader downtrend may be resuming. A break of $1,585 upswing support would confirm and suggest a potential retest of $1,560.
Silver continues to build a base in the $28.25 to $29.50 range supported by a rising RSI which suggests downward momentum continues to ease.
Copper continues to struggle with $3.45, a former breakdown point. On a rally, $3.55 could be tested initially with support near $3.38 if distribution resumes.
US crude is trying to break out today. It was unable to hold above $94.00 on its first try but a decisive move would complete a reverse H&S base with next prior resistance near $95.25 then $97.00. Support climbs toward $93.65.
UK crude continues to attract support above $107.00. A break through $109.00 would confirm the start of a new upswing with initial resistance near $110.00 then $111.25.
Gasoline is testing the high end of a symmetrical consolidation triangle near $3.08. RSI holding 50 suggests upward mo building. Next resistance on a breakout near $3.12 then $3.18 and $3.40. Support moves up toward $3.02 from $2.97.
Natural Gas is up today but continues to struggle with $4.00 resistance, while an overbought RSI suggests it could be due for a correction. Measured resistance appears near $4.10 then $4.60 with initial support near the $3.85 breakout point.