Morning Briefing: Major World Equities Market Indexes

Morning Briefing: Major World Equities Market Indexes
Morning Briefing: Major World Equities Market Indexes

$DIA, $DAX, $DJSH, $N300, $NSEI

Commentary: DJIA extend it bounce off of Monday’s lows as expected.PE

Notes:The S&P 500 continued North Tuesday, ending its 4-session losing streak with a gainer of 0.6%. The NAS Comp and the DIA also advanced, adding 0.7% and 0.5%, respectively. The major averages quickly extended modest opening gains, then trended sideways for the last hours of trading, ending near session highs.

All 11 S&P sectors advanced Tuesday, with financials (+0.9%) and consumer discretionary (+1.0%) leading the advance. The Top-weighted information technology sector (+0.6%) got off to a slow start, slipping into negative territory shortly after the opening bell, but soon strengthened to finish in line with the broader market. Utilities was the worst-performing sector, but still added 0.2% on the day.

Looking ahead: Investors will receive a big lot of data Wednesday including: MBA Mortgage Applications Index, July Retail Sales, the preliminary reading for Q-2 Productivity and Unit Labor Costs, the Empire Manufacturing Index for August, Industrial Production and Capacity Utilization for July, Business Inventories for June, and the NAHB Housing Market Index for August.

DJIA at 25299.92, +112.22 or + 0.70% just as I expected. The 1st resistance is at 25,361 and  important, a clear break there and 25,500 the psych mark is next, a turn back there may push DIA back to Key support 25000 or lower near term.

DAX at 12358.74, -0.53 sees 1st support at 12300, if it holds, a bounce to 12500-12600 can happen.

Note: There is important support just below here, and there is the bounce that is likely to come so, DAX looks Bullish near to medium term.

Nikkei at 22123.36, +1.22% looks like it will trade with 22000-22400 for the rest of this week. A clear break below 22000 opens the gate for a fall to 21200 medium term. But, for now a bounce to 22400 might occur.

Shanghai at 2783.27, -0.094% is range trading within 2800-2700, should continue for the rest of this week.

Nifty at 11355.75, -0.65% is holding below the resistance at 11500, while it holds, Nifty could move Sout to 11200. Near term looks Bearish to me.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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