Morning Briefing: Major World Equities Market Indexes
$DIA, $DAX, $DJSH, $N300, $NSEI
Commentary: DAX looks Bearish near to medium term. DJIA, Shanghai and Nifty have a bit room to the Southside before a bounce higher, Japan’s Nikkei is trading above support marks and could start moving up again next week. PE
US and Canadian officials continued to negotiate on trade, and the world awaited news from the White House, which could impose another round of tariffs on Chinese goods, as a public comment period ended at Midnight. This round of duties will target $200-B worth of goods, including furniture, tires, bicycles, and lighting products. Beijing vows to retaliate.
DJIA at 25995.87, +0.080% is Neutral and ranged in here. A test of 25750-25250 can happen, but there is room to run to 26250 and higher now. DIA is trading in the middle of the up-channel on the daily, it can move either way now, my preference is North.
DAX at 11955.25, -0.71% is headed to support at 11600 and looks Bearish near term. The Bears have the price under control, and DAX may continue to decline into and through next week.Seeing a pause near 11800, then a move to 11600 on the Southside.
Nikkei at 22264.11, -1.00% is already off 1% and may well test support at 22000 then a bounce near term. My view is Bearish in here.
Shanghai at 2709.71, +0.67% sees resistance at 2750, the Chinese benchmark has to break above this mark to move higher. While Copper looks a bit Bullish now, Shanghai could see limited decliner, and remain ranged or attempt to move North from here. But, while Shanghai trades below 2750 there may be more Southside action to come.
Nifty at 11536.90, +0.52% sees 1st support at 11400. Thursday the Nifty rose, moving back above 11500 and if it sustains, it could re-test 11600+ soon. Baring that, a test of 11400 is possible near term.
Have a terrific weekend