Morning Briefing: Major World Equities Market Indexes
$DIA, $DAX, $DJSH, $N300, $NSEI
Commentary: Global equities look Bullish in here as the DIA clearly broke Key resistance.PE
Notes: The S&P 500 notched its 4th straight advance Tuesday, adding 0.2%, and tapped at a new intra-day record at 2873.23 before pulling back in the afternoon settling 0.4% below its 26 January record close at 2872.87.
The DJIA finished with a gainer of 0.3%, and the NAS Comp added 0.5%. The small-cap Russell 2000 outperformed, soaring 1.1%, to finish at a new record high at 1718.05 for the 1st time since 20 June.
Wednesday in Asia
Commentary: DJIA and DAX look Bullish. Shanghai may dip or stay stable. Nikkei is at important support, and a bounce or break on either side will confirm direction. Nifty is at Key marks, need to see it can hold above 11500 or comes off. PE
DJIA at 25758.69, +0.35%, and DAX at 12331.30, +0.99% have moved up and closed above important resistances on the dailies. If DIA holds above 25750 and DAX holds above 12300, both of the indices could move up near term to 12600/650 and 12500 respectively. As of this writing 3-day candle support on DAX is holding in here.
Nikkei at 22182.21, -0.076% has come off and could test support at 22000 near term. If the Nikkei can hold above 22000, it could move to 22400+ medium term. In case of a clear break below 22000 happens, it signals Bearishness to 21800-21600 in the days ahead.
Shanghai at 2724.91, +0.98% tested an intra-day low of 2653 Wednesday the important support. While 2650 holds then see a move to 2750-2800 ahead, but a clear break below 2650, opens the Southside to 2600 and lower long term.
Nifty at 11551.75% is trading along the trend resistance and is seen moving to 11600-11800 near term. Am cautious in here as long as Nifty remains above 11500, should the index come off to below 11500 again, that may well signal a lack of strong Northside momentum in her.