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International Equity Index Daily Hotline 
20 October 2014                                     By Cornelia Dichio, Analyst
Chart of the day: Shanghai A reasserts up...

 

The Chinese Shanghai A index appears to be reasserting the uptrend.  The market has encountered support at 2421.32 after reacting from this month's earlier overbought high at 2503.51.  This three-year chart shows the next important target for bulls to be at the early-2013 ceiling near 2560. 

A fall beneath the 50-day moving average would be required to interrupt the upward tendency.  That line is currently situated near the mid-September floor (2389.7). 

 

 

Daily Comment:

 

Japanese indices dominate the 'Gainers' board with the benchmark Nikkei 225, Nikkei 300 and Topix all posting +4% for today's session.  In the case of the former, support has been found at 14529 to reverse the oversold fall.  Also, the market has moved back over the August low at 14753.8 to promote hopes for a further 'bear trap' recovery over the near term.

Australia's ASX 200 index featured in Friday's report, as this market had been enjoying a recovery for some time already.  That counter move had reached initial resistance along the sideways area near 5300.  Today, the market managed to push past that region during the session, and points towards potential resistance around 5400; from former lows here; and both the 50 and 200-day MAs.  The bullish P&F Breakout signal generated at 5260 is noted.

In the US, the Dow Jones Composite index has also produced a 'Bull' P&F Breakout signal.  This follows the move through 5900.  The graph displays a higher high for the first time since September.  The initial target is near the round 6000 level.

European markets are drifting in today's session so far, partially retracing last week's surging counter moves.  The German DAX, for instance, is currently priced at 8706.17.  The huge trading area evident mostly above 9000 does look daunting, but one cannot rule out a further recovery back into that area given that the RSI indicator remains near oversold levels.

Gainers / Losers
Top 5 Gains.
SymbolStockClose% Change
ASEGreece Athens SE Index931.81+7.2%
NKYJapan Nikkei 225 Index15111.2+4.0%
NEYJapan Nikkei 300 Index247.58+4.0%
TPXJapan Topix Index1224.34+4.0%
KFXDenmark KFX Index700.72+4.0%
Top 5 Losses.
SymbolStockClose% Change
VIXCBOE Volatility Index (VIX)21.99-12.7%
HUINYSE Arca Gold Bugs Index187.01-3.5%
XAUPHLX Gold & Silver Index77.0752-2.8%
IHZ4SGX CNX NIFTY ETS7843-1.4%
IGLTUK Gilt All12.01-0.9%
The International Equity Index Model Portfolio
  • There are no changes today.
Daily Analysis

Symbol Name Comment Close 1 day Support Resistance
SPGLOBS&P Global 1200 IndexReverses the oversold decline from the top.1795.25+1.2% 1741.88/1773.71961.12/1873.26
INDUDJ IndustrialsRebounds following the accelerated fall to oversold.16380.4+1.6% 15340.7/15855.117350.6/17099.4
SPXS&P 500 IndexReverses the oversold fall after finding support near the Apr floor.1886.76+1.3% 1737.92/1814.36/1820.662019.26/1977.84
CCMPNASDAQ Comp.Oversold fall reverses.4258.44+1.0% 3946.03/4116.64610.57/4496.26
NDXNASDAQ 100Oversold declines reverses at 3700.22.3815.47+1.3% 3489.6/3700.224118.91/4048.79
UKXFTSE 100Recovers from oversold after finding support near the mid-2013 floor.6310.29+1.8% 6023.44/6072.686588.31/6404.96
SX5EEuro Stoxx 50Strong counter move from oversold.2962.24+3.0% 2720.57/2789.633325.5/3169.86
CACFrance CAC40 IndexOversold decline reverses.4033.18+2.9% 3668.77/3789.114319.31/4104
DAXGermany DAX IndexOversold fall from the top reverses.8850.27+3.1% 8094.22/8354.979343.65/8872.4
SPMIBItaly S&P MIB IndexBounces from oversold.18701+3.4% 17199.8/17555.820940.3/20389.5
CRTXRussian Traded IndexHolds the s-t fall towards the Mar floor.1522.11+2.0% 1431.591978.67/1773.78
IBEXSpain IBEX 35 IndexOversold decline reverses, finding support near the Dec 2013 floor.9956.8+3.0% 9232.1/9370.510728.8/10274.8
OMXSweden OMX IndexStrong rebound from oversold. Edges over initial resistance (1309.03).1310.46+3.1% 1234.04/1246.561380.73/1348.81
SMISwitzerland SMI IndexStrong counter move from oversold, having found support near the Dec 2013 floor.8250.1+2.4% 7766.74/7870.898918.77/8874.48
AS51Australia ASX200 IndexRecovery from oversold and the Dec-Feb lows continues towards potential resistance near 5400.5319.44+0.9% 5052.2/51225443.2
SHASHRChina Shanghai A IndexPossibly reasserting the uptrend towards the early-2013 peak, after a brief correction from overbought.2467.35+0.7% 2389.7/2421.322558.83/2503.51
HSIHK Hang Seng IndexCounter move from oversold falters.23070.3+0.2% 21680.3/22565.624470.3/23581.4
SENSEXIndia BSE Sensex IndexReaffirms resistance near the early-Sept all-time high with a 'Peak' KDR. Drops under uptrend support at the 50-day MA.26108.5+0.4% 25232.827355
NKYJapan Nikkei 225 IndexReverses the oversold fall. Failed break under the Aug low (14753.8).15111.2+4.0% 13885.1/1452916374.1/15970.6
IBOVBrazil Bovespa IndexRetraces the early-Oct recovery from oversold.55723.8+2.6% 52480.560242.8/58897.5
SPTSXCanada TSX CompositeExtends the oversold fall to intraday support at 13646.8. Plots a 'Trough' KDR.14227.7+1.2% 13450.315055.8/14878.7
VIXCBOE Volatility Index (VIX)Overbought rally finds resistance at 31.06.21.99-12.7% 11.24/14.0537.53/31.06


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