Morning Briefing Global Stocks

Morning Briefing Global Stocks

Morning Briefing Global Stocks

$DIA, $DAX, $DJSH, $N300, $NSEI

Commentary: Growth in US GDP at an annualized rate of 3.3% in the past Quarter boosted a rise in the stock market last week and month. PE

DJIA at 24231.59, -0.17% is testing channel resistance on the daily and could trade in the 23800-24400 range for 2-3 days before rising to 24600-24800 into month’s end.

Note: With 3-weeks to go for the year to end we may not or may not expect a rise above 25000 this month.

DAX  12861.49, -1.25% came down contrary expectation that the index would rise towards 13200 and may not break below 12900 in here. The weekly closing at levels below 12900 is important and could take the DAX to 12800-12600 in the next few sessions if the Southside momentum remains strong just now. Near term looks Bearish to me.

Nikkei at 22778.69, -0.18% tried to test 23000 last week but could not move up above it. A dip to 22500 or lower is likely on a break below 22666.

Shanghai at 3308.65, -0.27% is ranged within 3350-3300 region and unless a sharp bounce up from current marks is seen to 3350 and higher, the index could be vulnerable to a fall towards 3275 near term.

Nifty at 10121.80, -1.02% pulled back to 10100 from levels near 10400. Some support could come up near 10030-10000, from where a small bounce is possible before Nifty heads to 9900 longer term.

Note: The Gujarat elections would be an important event to look at which could impact the Indian markets next week.

Have a terrific week.

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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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