Morning Briefing Global Stocks

Morning Briefing Global Stocks

Morning Briefing Global Stocks


Commentary: Nothing New. PE

DJIA at 24884.2, +0.04% is holding above 1st support at 24500, while that holds, a rise to 25500 or higher is possible now.

Note: pre-market futures are showing 360 pts lower near 24,494 on news of the resignation of Gary Cohn, President Trump’s National Economic Council Director.

Note: I would have to see price action around 24500, a break to the Southside could negate for a time the expected move to the Northside.

DAX at 12113.87, +0.19% moved to 12300 Tuesday, but came off to close a bit lower.

Note: The 1st resistance at 12300 could hold for a few sessions bringing in another dip to 11900 or lower. Only on a clear break above 12300, would we focus on a move to 12600.

Nikkei at 21377.07%) moved up slightly as the support near 21000 is holding well. Looking at the 3-day candles, there seems to be enough room on the upside towards 22500-22600 levels for the coming sessions. While above 21000, near term looks bullish.

Shanghai at 3300.60, +0.33% moved above 3300 breaking 1st resistance. So, while the upward momentum remains, the index could head to 3350 or higher near term.

Nifty at 10249.25, -1.06%, and Sensex at 33317.20, -1.27% have broken to the Southside negating chances of a bounce. This has been a Key break of 1st supports and indicates further Southside action medium term. Nifty could head towards 10000 and Sensex may test 32500 in the next 3-4 sessions. Near to medium term looks Bearish to me.

Stay tuned…

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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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