Morning Briefing Global Stocks

$DIA, $DAX, $DJSH, $N300, $NSEI

Commentary: DJIA saw all resistances broken Tuesday. Overall the major stock indices are in a rally and may soon reach their exhaustion point from where a correction of 8 – 10% is possible medium to long term and maybe not. PE

DJIA at 23329.46, -0.48% has rallied from 21750 could be reaching its exhaustion mark. in the near term. Cautious is the rule in here as DJIA may be see a healthy a correction medium term. My Northside target is 24000 now, then, we wait, we see, a pause is preferred.

DAX at 12953.41, -0.46%, so, while it trades between 12900-13065 do not expect any sharp movement either way. Only a clear break on either side of this range will give some clarity on further direction.

Nikkei at 21738.39, +0.14% broke above my initial target at 21600 and is headed towards the next crucial levels at 22766 while the Nikkei holds the current above 21600. A rally in the coming sessions is expected with some interim corrections followed by a long term decline soon.

Note: Look for an reversal in USD/JPY for a signal.

Shanghai at 3409.47, +0.37% trades above 3400, and could target 3420-3425 before facing a rejection back to 3400 or lower. 3425 is major resistance, and could hold near term. Shanghai looks Bullish for Thursday and Friday to me.

Nifty at 10295.35, +0.86% gaped-up to 10333 as expected, but came down to test 10250 before closing at higher. 10350-10400 is 1st resistance on the Northside, which is likely to keep Nifty down for a few sessions more. A correction in Nifty is seen medium term. Be cautious near these marks.

Stay tuned…

  bounce, Bullish, DAX, DIA, levels, N300, NSEI, resistance, stocks, support

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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