Morning Briefing: Major World Equities Market Indexes
$DIA, $DAX, $DJSH, $N300, $NSEI
Commentary: World major stock indexes look Bearish this week and could see lower marks in here.PE
DJIA at 25313.14, -0.77% looks to be holding well below the resistance on the 3-Day candles and looks Bearish near term. Unless an rise now is seen that takes the index beyond the Key resistance at 25,500, DIA could come off to 25000 or lower now.
Notes: It is not every day that we think about the Turkish lira. But, the Turkish lira has quickly become part of the market narrative, having collapsed 18% Friday to a record low Vs USD.
The weakness in the Turkish lira has been in the making for some time, as it is off about 70% YTD. What Friday’s collapse did was put it directly in the headlights, as a development that could potentially invite bigger problems to the region and world financial markets.
Looking ahead: Investors will not receive any US economic data Monday.
DAX at 12424.35, -1.99% came off and may test 12300 during this wee, before moving up to 12500-12600 again.
Note: Good support in the 12300-12200 zone will likely hold this week.
Nikkei at 21944.35, -1.59% has broken below support at 22400, as it broke out of the narrow trading range within 22850-22400. Nikkei may head up 22000, it could pull down USD/JPY near term. The 3-Day and weekly charts indicate room on the Southside medium term.
Shanghai at 2757.50, -1.35% is trading lower Monday. It is ranged within 2850-2700 should continue ranged for this week.
Nifty at 11429.50, -0.36% closed below Key support at 11500 Friday but unless a deeper fall is seen from here, the Nifty could back move up to 11500 near term.
Have a terrific week