Morning Briefing: Major World Equities Market Indexes
$DIA, $DAX, $DJSH, $N300, $NSEI
Commentary: Globally, stocks look Bearish in here, except DAX which could bounce from support below current levels. Nifty and Nikkei have room on the Southside too. Shanghai could range trade this week with some Bearishness. And overall the DJIA is Bullish after a pause to refresh. PE
Note: US stocks opened the holiday-shortened week flat to unchanged, pulling back from last week’s record highs. The S&P 500 finished with a loss of 0.2%, the DJIA slipped 0.1%, the NAS Comp lost 0.2%.
Trade talks between the US and Canada are set to resume Wednesday after the 2 sides failed to reach an agreement to replace NAFTA on Friday as planned and so the talks extended. President Trump Tweeted at the weekend that there’s “no political necessity to keep Canada in the new NAFTA deal.”
DJIA at 25952.48, -0.048% could see a dip to 25500, then bouncing. Overall the long term trend looks Bullish. A bounce from 25500 would open the way to 26250-26500 medium to long term.
DAX at 12210.21, -1.10% came off to test support at 12200. A bounce is possible during the rest of this week targeting 12400-12600. In DAX breaks below 12200, it could be fall to 12000-11800 within the next 2 weeks or so.
Nikkei at 22627.10, -0.31% is on its way to test support at 22400-22300, which may be the Southside limit near term. Then, the Nikkei could move back up current marks within the next 2 weeks or so too.
Shanghai at 2743.17, -0.27% looks weak near to medium term to me.. While trading below 2800-2750 there is room for fall to 2700-2650. Or on a clear break above 2800 will abandon that Southside call.
Nifty at 11520.30, -0.54% seeing a test to 11400-11300. A clear break below 11500 keeps it Bearish medium term.