Morning Briefing: Major World Equities Market Indexes
$DIA, $DAX, $DJSH, $N300, $NSEI
Commentary: DJIA likely to extend it bounce off of Monday’s lows in here.PE
Notes: The S&P 500 notched its 4th loss running Monday -0.4%, as the Turkish Lira fall halted, still there are concerns over the financial health of banks with exposure to the struggling country. The NAS Comp -0.3%, and the DJIA -0.5%.
Turkey’s central bank is working to shore up the country’s financial system. After dropping nearly 18.0% Vs USD Friday, the lira fell 8.7% Monday, hitting a new all-time low and extending its 5-month decliner to about 80%. India’s Rupee, another emerging market currency, also hit a new all-time low Vs USD, losing 1.3%.
On Wall Street, most S&P sectors finished in the Red.
Financials, energy, and materials were the worst-performing sectors, losing between 1.0% and 1.2% apiece. However, no other group declined more than 0.5%. Healthcare (Unch) and utilities (+0.1%) were the only groups to finish in the Green.
DJIA at 25187.70, -0.50%: DIA traded lower Monday. Overhead, resistance at 25,500 is holding, and DIA could fall to 25000 or reverse and resume the rally as we approach 16 August the longest Bull run in history.
DAX at 12358.74, -0.53% sees 1st support at 12300, if it holds, then a bounce to 12500-12600 is seen.
Note: There is important support just below current levels and there is high chance of a bounce back in the near term. DAX looks Bullish near to medium term to me.
Nikkei at 22123.36, +1.22% could trade in the 22000-22400 region in the next 2-3 sessions. A break below 22000, if seen could open up chances of a fall towards 21200 in the medium term. For now a bounce to 22400 looks possible.
Shanghai at 2783.27, -0.094% seems neutral, and trade within 2800-2700 is seen for the rest of this week.
Nifty at 11355.75, -0.65% is trading below major resistance at 11500, while that holds, Nifty could test to 11200. Near term looks Bearish to me.