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International Equity Index Daily Hotline 
14 November 2014                                     By Cornelia Dichio, Analyst
Chart of the day: Bovespa reasserts down...

 

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.

 

Daily Comment:

 

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.

 

Gainers / Losers
Top 5 Gains.
SymbolStockClose% Change
VIXCBOE Volatility Index (VIX)13.79+5.9%
CRTXRussian Traded Index1469.14+2.9%
DFMGIDubai Financial Market General Index4657.29+1.7%
ASEGreece Athens SE Index883.54+1.3%
NKYJapan Nikkei 225 Index17392.8+1.1%
Top 5 Losses.
SymbolStockClose% Change
RTSI$Russian Trading System Index $1012.16-3.2%
DBOOil22.28-3.0%
IBOVBrazil Bovespa Index51846-2.1%
HUINYSE Arca Gold Bugs Index157.63-1.9%
OILOIL & GAS PAN EURO34.845-1.6%
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 IndexHolds the rally towards the Jul-Sept ceiling.1902.84-0.4% 1773.7/1887.321961.12
INDUDJ IndustrialsExtends the overbought rally to a new all-time high.17652.8+0.2% 15340.7/15855.1/
SPXS&P 500 IndexHolds the overbought rally. Makes a new all-time high.2039.33+0.1% 1820.66/2001.01/
CCMPNASDAQ Comp.Edges up to a new high. RSI high.4680.14+0.1% 4116.6/4594.91?5132.52
NDXNASDAQ 100Edges up to a new high. RSI high.4213.48+0.4% 3700.22/4126.72?4816.35/4308.62
UKXFTSE 100Maintains the s-t rally.6635.45+0.4% 6023.44/6072.686904.86
SX5EEuro Stoxx 50Counter move from oversold struggles.3056.8+0.3% 2789.63/2965.573325.5/3169.86
CACFrance CAC40 IndexPauses the counter move from oversold.4187.95+0.2% 3668.77/3789.114509.58/4319.31
DAXGermany DAX IndexPauses the rally from oversold.9248.51+0.4% 8094.22/8354.979891.2
SPMIBItaly S&P MIB IndexRanging gradually lower from resistance at the 50-day MA.18782.5+0.4% 17555.820389.5/19832.3
CRTXRussian Traded IndexOversold downtrend has paused.1469.14+2.9% 1217.05/1385.111681.19/1595.31
IBEXSpain IBEX 35 IndexRecovery pauses near the 50-day MA.10140.4-0.2% 9370.5/9994.810728.8/10513.3
OMXSweden OMX IndexDid not maintaini the nudge over the Sept peak (1424.22) with a 'Peak' KDR.1408.86-1.1% 1246.56/1396.231547.87/1474.76/1426.14
SMISwitzerland SMI IndexExtends the rally within the late-2006/late-2007 top.8954.4+1.0% 7870.89/8705.879548.09/9243.79
AS51Australia ASX200 IndexCorrection from overbought finds intraday support at 5419.3; near the 50 and 200-day MAs.5454.34+0.2% 51225679.5/5550.3
SHASHRChina Shanghai A IndexOverbought rally finds intraday resistance at 2627.09; near the Nov 2011 high.2595.8-0.3% 2386.78/2541.172657.05
HSIHK Hang Seng IndexHolds the ranging recovery from the early-Oct low.24087.4+0.3% 21680.3/22565.625363/24470.3/24133.5
SENSEXIndia BSE Sensex IndexOverbought uptrend slows near the all-time high.27940.6-0.2% 25232.8/25910.8/
NKYJapan Nikkei 225 IndexRenews the overbought rally.17392.8+1.1% 14529/16713.418300.4/17489
IBOVBrazil Bovespa IndexPotentially reasserting the downtrend.51846-2.1% 44904.8/48722.358897.5/54628.6
SPTSXCanada TSX CompositeExtends the s-t advance towards the late-June/Sept top.14780.2-0.5% 13646.8/14295.115055.8/14878.7
VIXCBOE Volatility Index (VIX)S-t decline to the Aug/Sept floor slows.13.79+5.9% 10.28/11.2437.53/31.06


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