|International Equity Index Daily Hotline
14 November 2014 By Cornelia Dichio, Analyst
The Brazilian Bovespa index has recorded a 2.1% loss for Thursday's trading. The chart displays the recovery from the oversold October floor at 48722.3, stalling a few sessions later at 54628.6, with resistance apparently provided by both the long and short-term moving averages.
The Brazilian market is potentially reasserting the downtrend from the peak near 62000. A clearance of the last recovery high would be required to improve the outlook for the Bovespa.
In contrast, the US NASDAQ 100 continues to edge higher, in spite of the elevated level of the RSI indicator. The market is travelling through the top formation that developed in 2000, which stretches up to the pinnacle at 4816.35, plotted on March 24 of that year. A downward dynamic is needed to dampen bullish enthusiasm.
Similarly, the Swiss SMI has extended its rally. In this case, the market climbs within the top built up from late 2006 to late 2007. The next resistance point within that pattern is at 9243.79; the 11 October 2007 high.
On the other hand, the recovery by the Italian S&P MIB index has been curtailed by resistance from the 50-day MA, with the 200-day MA not far off either. The market has ranged gradually lower from those lines this month. A sustained push past the round 20000 level would have to be seen to remove the risk of a further retracement towards last month's floor at 17555.8.
After two sessions in the 'Losers' column, the Greek Athens SE index has recorded a 1.3% gain. Still, the chart pattern does not appear very encouraging yet. A jump through the barrier placed near the psychological 1000 number is required to improve sentiment. Note that this hurdle is reinforced by the presence of the 50-day MA.
|VIX||CBOE Volatility Index (VIX)||13.79||+5.9%|
|CRTX||Russian Traded Index||1469.14||+2.9%|
|DFMGI||Dubai Financial Market General Index||4657.29||+1.7%|
|ASE||Greece Athens SE Index||883.54||+1.3%|
|NKY||Japan Nikkei 225 Index||17392.8||+1.1%|
|RTSI$||Russian Trading System Index $||1012.16||-3.2%|
|IBOV||Brazil Bovespa Index||51846||-2.1%|
|HUI||NYSE Arca Gold Bugs Index||157.63||-1.9%|
|OIL||OIL & GAS PAN EURO||34.845||-1.6%|
- There are no changes today.
|SPGLOB||S&P Global 1200 Index||Holds the rally towards the Jul-Sept ceiling.||1902.84||-0.4%||1773.7/1887.32||1961.12|
|INDU||DJ Industrials||Extends the overbought rally to a new all-time high.||17652.8||+0.2%||15340.7/15855.1||/|
|SPX||S&P 500 Index||Holds the overbought rally. Makes a new all-time high.||2039.33||+0.1%||1820.66/2001.01||/|
|CCMP||NASDAQ Comp.||Edges up to a new high. RSI high.||4680.14||+0.1%||4116.6/4594.91?||5132.52|
|NDX||NASDAQ 100||Edges up to a new high. RSI high.||4213.48||+0.4%||3700.22/4126.72?||4816.35/4308.62|
|UKX||FTSE 100||Maintains the s-t rally.||6635.45||+0.4%||6023.44/6072.68||6904.86|
|SX5E||Euro Stoxx 50||Counter move from oversold struggles.||3056.8||+0.3%||2789.63/2965.57||3325.5/3169.86|
|CAC||France CAC40 Index||Pauses the counter move from oversold.||4187.95||+0.2%||3668.77/3789.11||4509.58/4319.31|
|DAX||Germany DAX Index||Pauses the rally from oversold.||9248.51||+0.4%||8094.22/8354.97||9891.2|
|SPMIB||Italy S&P MIB Index||Ranging gradually lower from resistance at the 50-day MA.||18782.5||+0.4%||17555.8||20389.5/19832.3|
|CRTX||Russian Traded Index||Oversold downtrend has paused.||1469.14||+2.9%||1217.05/1385.11||1681.19/1595.31|
|IBEX||Spain IBEX 35 Index||Recovery pauses near the 50-day MA.||10140.4||-0.2%||9370.5/9994.8||10728.8/10513.3|
|OMX||Sweden OMX Index||Did not maintaini the nudge over the Sept peak (1424.22) with a 'Peak' KDR.||1408.86||-1.1%||1246.56/1396.23||1547.87/1474.76/1426.14|
|SMI||Switzerland SMI Index||Extends the rally within the late-2006/late-2007 top.||8954.4||+1.0%||7870.89/8705.87||9548.09/9243.79|
|AS51||Australia ASX200 Index||Correction from overbought finds intraday support at 5419.3; near the 50 and 200-day MAs.||5454.34||+0.2%||5122||5679.5/5550.3|
|SHASHR||China Shanghai A Index||Overbought rally finds intraday resistance at 2627.09; near the Nov 2011 high.||2595.8||-0.3%||2386.78/2541.17||2657.05|
|HSI||HK Hang Seng Index||Holds the ranging recovery from the early-Oct low.||24087.4||+0.3%||21680.3/22565.6||25363/24470.3/24133.5|
|SENSEX||India BSE Sensex Index||Overbought uptrend slows near the all-time high.||27940.6||-0.2%||25232.8/25910.8||/|
|NKY||Japan Nikkei 225 Index||Renews the overbought rally.||17392.8||+1.1%||14529/16713.4||18300.4/17489|
|IBOV||Brazil Bovespa Index||Potentially reasserting the downtrend.||51846||-2.1%||44904.8/48722.3||58897.5/54628.6|
|SPTSX||Canada TSX Composite||Extends the s-t advance towards the late-June/Sept top.||14780.2||-0.5%||13646.8/14295.1||15055.8/14878.7|
|VIX||CBOE Volatility Index (VIX)||S-t decline to the Aug/Sept floor slows.||13.79||+5.9%||10.28/11.24||37.53/31.06|
Copyright 2014 by Stockcube Research Ltd.