Morning Briefing: Major World Equities Market Indexes
$DIA, $DAX, $DJSH, $N300, $NSEI
Commentary: Overall global stock market indexes look Bullish in here, except Shanghai and DAX which could see some Neutral range trading during this week. PE
Notes: Tuesday, the S&P 500 closed at a new record high for the 3rd session running. It was a range-bound trading day, with the S&P 500 keeping between -0.1% and +0.2%, and 7 of the 11 sectors finished in the Red. The top-weighted technology sector (+0.2%) was an advancer, helping to mitigate losses from energy (-0.5%), materials (-0.4%), and consumer staples (-0.3%).
Canada came back to the NAFTA negotiating table Tuesday after the US and Mexico reached a bi-lateral trade agreement on Monday. President Trump warns that he will proceed without Canada, but US officials are optimistic that a deal can be reached by the end of the week.
DJIA at 26064.02, +0.055% has moved up a bit. It is in an upward channel on the daily and could test resistance at 26250-26300 near term. Only on a clear break above 26300, can we see 26600. On the longer term charts there is resistance above current marks which may or may not hold near term.
DAX at 12527.42, -0.087% is seeing also major resistance 12650-12700 region. A clear break above 12700 could drive it to 12900. Now, if DAX does run to 12700 expect a dip.
Nikkei at 22928.04, +0.50% saw a dip Tuesday instead of moving North, but is currently trading above 22850. While Nikkei trades above 22850, there is room for the up-move to continue to 23200-23400 medium term.
Shanghai at 2775.63, -0.085% is Neutral in here. Unless we see a clear break above 2800, there could be a dip to 2700. Resistance on the daily suggests a possible dip from here yet this week.
Nifty at 11738.50, +0.40% has been moving North. The India index could test 11800 or higher near term.