|International Equity Index Daily Hotline
10 November 2014 By Cornelia Dichio, Analyst
China's Shanghai A index has renewed the short-term rally from support at the 50-day moving average, near 2400. This follows a brief and very shallow correction from overbought. The market challenges the early-2012 high at 2596.15. A breakout will have bulls aiming for next chart resistance at 2657.05; the November 2011 high. We would point out, however, that the RSI is in overbought territory again.
One observes that the Shanghai B index lags the A market. That said, intraday support is noted arriving near the 50-day MA during today's session.
The Canadian TSX Composite has edged over the short-term range highs, near the 200-day moving average, to resume the recovery from the mid-October oversold low. There is potential resistance nearby from the shorter-term MA line, though a fall beneath initial support at 14295.1 would be needed to delay a further rise towards the 15000 region.
The UK's benchmark FTSE 100 index is currently priced at 6601.75. This means that the market is renewing its break over the early-October high at 6588.31. If the 200-day MA line does not impede upside progress, the next target is around 6800-6900.
Spain's IBEX 35 index' recovery from last month's oversold low has yielded to ranging between 10500-10000, approx. At the time of writing, the market is priced at 10160.10. So, the lower boundary of the short-term range survives. We will consider buying in the event of a break above resistance at the upper perimeter, which is near the 50-day MA, for the potential towards the 11000 region.
|HUI||NYSE Arca Gold Bugs Index||164.538||+7.9%|
|XAU||PHLX Gold & Silver Index||69.0376||+7.4%|
|CRTX||Russian Traded Index||1467.02||+5.5%|
|RTSI$||Russian Trading System Index $||1037.22||+2.9%|
|ASE||Greece Athens SE Index||910.5||-5.4%|
|VIX||CBOE Volatility Index (VIX)||13.12||-4.0%|
|IBG||Argentina General Index||485305||-3.0%|
|ISEQ||Ireland ISEQ Overall Index||4827.66||-1.6%|
|TNO||TECHNOLOGY PAN EURO||29.965||-1.6%|
- We watch to buy IBEX.
|SPGLOB||S&P Global 1200 Index||Recovery from oversold slows within the prior top.||1898.95||+0.2%||1741.88/1773.7||1961.12/1900.09?|
|INDU||DJ Industrials||Extends the overbought rally to a new all-time high.||17573.9||+0.1%||15340.7/15855.1||/|
|SPX||S&P 500 Index||Resumes the rally to a new all-time high.||2031.92||+0.0%||1820.66/2001.01||/|
|CCMP||NASDAQ Comp.||Advance slows near the highs.||4632.53||-0.1%||3946.03/4116.6||5132.52|
|NDX||NASDAQ 100||Advance slows near the highs.||4160.51||-0.1%||3489.6/3700.22||4816.35/4308.62|
|UKX||FTSE 100||Recovery passes the 50-day MA and the early-Oct high (6588.31) during Fri.||6567.24||+0.2%||6023.44/6072.68||6904.86|
|SX5E||Euro Stoxx 50||Counter move from oversold struggles.||3064.92||-1.2%||2789.63/2965.57||3325.5/3169.86|
|CAC||France CAC40 Index||Pauses the counter move from oversold.||4189.89||-0.9%||3668.77/3789.11||4509.58/4319.31|
|DAX||Germany DAX Index||Pauses the rally from oversold.||9291.83||-0.9%||8094.22/8354.97||9891.2|
|SPMIB||Italy S&P MIB Index||Recovery yields to ranging beneath resistance at the 50-day MA.||19095.3||-1.0%||17555.8/18701.2||20389.5/19832.3|
|CRTX||Russian Traded Index||Oversold downtrend has paused.||1467.02||+5.5%||1217.05/1385.11||1681.19/1595.31|
|IBEX||Spain IBEX 35 Index||Recovery pauses near the 50-day MA.||10126.3||-1.3%||9370.5/9994.8||10728.8/10513.3|
|OMX||Sweden OMX Index||Rally slows by the Sept peak.||1410.88||-0.3%||1234.04/1246.56||1474.76/1424.22|
|SMI||Switzerland SMI Index||Did not maintain the break over the Sept ceiling (8874.48).||8816.92||-0.5%||7870.89/8705.87||8918.77|
|AS51||Australia ASX200 Index||Rally towards the Aug/Sept ceiling slows. RSI high.||5523.96||-0.5%||5122/5481||5679.5|
|SHASHR||China Shanghai A Index||Renew the rally to test the early-2012 high (2596.15). RSI overbought again.||2590.33||+2.3%||2386.78/2541.17||2657.05/2596.15|
|HSI||HK Hang Seng Index||Pauses the rally from the s-t range.||23744.7||+0.8%||21680.3/22565.6||25363/24470.3/24133.5|
|SENSEX||India BSE Sensex Index||Overbought uptrend slows near the all-time high.||27868.6||-0.2%||25232.8/25910.8||/|
|NKY||Japan Nikkei 225 Index||Overbought rally slows.||16780.5||-0.6%||14529||18300.4/17489/17127.7|
|IBOV||Brazil Bovespa Index||Potentially reasserting the downtrend.||53222.8||+1.1%||44904.8/48722.3||58897.5/54628.6|
|SPTSX||Canada TSX Composite||Renews the recovery after a short ranging phase.||14690.8||+0.9%||13646.8/14295.1||14878.7|
|VIX||CBOE Volatility Index (VIX)||Holds the s-t decline towards the Aug/Sept floor.||13.12||-4.0%||11.24||37.53/31.06|
Copyright 2014 by Stockcube Research Ltd.