Morning Briefing Global Stocks
Commentary: Indexes look Bearish in here. PE
DJIA at 24252.80, -1.33%, and DAX at 12270.33, -2.46% came off sharply Monday.
DIA may test 1st support at 24000 from where a corrective bounce back to 24750-25000 can happen. A break below 24000 could take the index down to 23200, Key support seen on the 3-Day Candles.
DAX to test weekly trend support 12100, if holds could push the index back up. A clear break below 12100 augurs a fall to 11800.
Nikkei at 22221.33, -0.52% is coming off from 22800, and looks bearish to 21800-21400 on the 3-Day Candles, and there is more room on the Southside, so near to medium term looks Bearish to me.
Shanghai at 2846.62, -0.44% opened with a Gap down Tuesday and so not bounce to 2950. The current fall is very sharp, so may see 2750 next.
Sensex at 35470.35, -0.61%, and Nifty at 10762.45, -0.55% likely on the last leg of the narrow range-trade and may break out on either side within the next 2-sessions.
Note: A break on either side determines the direction for the next week or so.
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