|International Equity Index Daily Hotline
25 February 2014 By Cornelia Dichio, Analyst
The US S&P 500 traded above the December/January highs around 1850 during Monday's session. However, the 'thin upper tail' on the last candle indicates that intraday resistance arrived at 1858.71, which is also the latest all-time high. With the market dipping back beneath the prior ceiling, there is a risk of a 'bull trap' reaction over the short term. The stop on the long held in this index is at 1700.
In the out of hours session, US stock market futures are trading slightly lower.
Recording a 1.6% gain for yesterday, Sweden's OMX cracked last month's ceiling at 1358.55. That jump has restarted the advance within the peak area plotted in 2000. The nearest target within that pattern is at 1391.71; the September high of that year. On a down note, though, the RSI has moved to a high level, indicating that the rally is becoming overbought.
In contrast, the Greek Athens SE index appears on the 'Losers' board, with -2.4%. The chart shows the market easing away from resistance at last month's high near 1300. There is potential support nearby, along 1200. The stronger platform, however, is not until the 1100 region; close to the 200-day MA.
One observes that the downtrend by Brazil's Bovespa index has flattened somewhat, with the recent lows near 46000 holding. That said, however, a clearance of the shorter-term MA line, currently located near 49000, would be required to interrupt the downward tendency towards the July floor near 44000.
China's Shanghai B index has taken another tumble. The market has followed Monday's 2.1% loss with -2.9% today, to dip under support near 230. This is in spite of the oversold RSI momentum indicator. Next chart support is at the June 2013 floor at 222.91.
|CASE||Cairo Stock Exchange CASE 30||8045.75||+1.9%|
|VNINDEX||Vietnam Stock Exchange Index||586.2||+1.7%|
|WIG20||Poland WSE WIG 20 Index||2526.9||+1.6%|
|OMX||Sweden OMX Index||1370.11||+1.6%|
|NKY||Japan Nikkei 225 Index||15051.6||+1.4%|
|VIX||CBOE Volatility Index||14.23||-3.1%|
|SHBSHR||China Shanghai B Index||229.117||-2.9%|
|ASE||Greece Athens SE Index||1219.43||-2.4%|
|SHASHR||China Shanghai A Index||2129.57||-2.0%|
|SHCOMP||Shanghai Composite Index||2034.22||-2.0%|
|Date||Stock||Code||Type||Open Price||Current Price||% P&L||Stop||Comment|
|15 Jan 2014||S&P 500 Index||SPX||Long||1848.38||1847.61||-0.04%||1700|
|15 Jan 2014||Euro Stoxx 50 Index||SX5E||Long||3168.76||3157.31||-0.36%||2875|
|21 Feb 2014||France CAC40 Index||CAC||Long||4381.06||4419.13||+0.87%||4000|
- There are no changes today.
|SPGLOB||S&P Global 1200 Index||Edges over the Dec/Jan ceiling (1845.4), renewing the advance to the 2007 pinnacle.||1848.54||+0.5%||1694.1/1741.88||1879.99|
|INDU||DJ Industrials||Holds the rally to the Dec/Jan peak area.||16207.1||+0.6%||14719.4/15340.7||16588.2|
|SPX||S&P 500 Index||Did not maintain the break over the Dec/Jan ceiling. Finds intraday resistance at the latest all-time high.||1847.61||+0.6%||1646.47/1737.92||1858.71|
|CCMP||NASDAQ Comp.||Holds the uptrend near the highs.||4292.97||+0.7%||3911.61/3968.19||4475.2/4289.06|
|NDX||NASDAQ 100||Pause at new highs.||3685.81||+0.6%||3359.31/3418.88||4147.19|
|UKX||FTSE 100||Feb rally becomes overbought near the May-Jan highs.||6865.86||+0.4%||6316.91/6416.72||6950.6/6875.62|
|SX5E||Euro Stoxx 50||Extends the rally to the Jan high.||3157.31||+0.8%||2916.7/3079.46||3456.81/3176.99|
|CAC||France CAC40 Index||Rally from the multi-month range becomes overbought.||4419.13||+0.9%||3927.63/4051.25||4558.56|
|DAX||Germany DAX Index||Renews the rally to the Jan (and all-time) high.||9708.94||+0.5%||8962.42/9504.18||9794.05|
|SPMIB||Italy S&P MIB Index||Slows overbought momentum at highs.||20477.5||+0.4%||17748.6/18788.6||20560.2|
|CRTX||Russian Traded Index||Pauses downtrend reassertion.||1851.22||-0.1%||1654.27/1741.02/1772.71||2027.07/1971.61|
|IBEX||Spain IBEX 35 Index||Finding support at its 50-day MA.||10193.1||+1.2%||9232.1/9654.8||11165/10549|
|OMX||Sweden OMX Index||Rallies past the Jan high (1358.55) towards the 2000 peak area. RSI high.||1370.11||+1.6%||1252.69/1275.77||1474.76/1391.71|
|SMI||Switzerland SMI Index||Reasserts the rally to the Jan high.||8485.48||+0.6%||7747.42/8053.74||8544.12|
|AS51||Australia ASX200 Index||Rally is overbought near the Oct/Nov 2013 highs.||5433.84||-0.1%||5007.9/5028.2||5980.8/5457.3|
|SHASHR||China Shanghai A Index||Retraces the s-t rally.||2129.57||-2.0%||2056.9/2076.99||2376.6/2280.18|
|HSI||HK Hang Seng Index||Encounters neckline resistance at around 22,500.||22317.2||-0.3%||20119.6/21197.8||23469.3/23263.4|
|SENSEX||India BSE Sensex Index||Rallies from the 200-day MA. Points back to the highs.||20852.5||+0.2%||19264.7/19963.1||21483.7|
|NKY||Japan Nikkei 225 Index||Holds the gradual Feb recovery.||15051.6||+1.4%||13748.9/13995.9||15958.6|
|IBOV||Brazil Bovespa Index||Downtrend flattens.||47393.5||+0.0%||44107.1/46109.5||51995.8/50577.4|
|SPTSX||Canada TSX Composite||Rallies to the 2011 ceiling. RSI overbought.||14227.1||+0.2%||13059.7/13450.3||14329.5|
|VIX||CBOE Volatility Index||Possibly reasserting the s-t decline.||14.23||-3.1%||11.69||22.72/21.91|
Copyright 2014 by Stockcube Research Ltd.