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International Equity Index Daily Hotline 
10 November 2014                                     By Cornelia Dichio, Analyst
Chart of the day: Shanghai A resumes up...

 

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.

 

 

 

Daily Comment:

 

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.

 

Gainers / Losers
Top 5 Gains.
SymbolStockClose% Change
HUINYSE Arca Gold Bugs Index164.538+7.9%
XAUPHLX Gold & Silver Index69.0376+7.4%
CRTXRussian Traded Index1467.02+5.5%
RTSI$Russian Trading System Index $1037.22+2.9%
GLDGold112.97+2.8%
Top 5 Losses.
SymbolStockClose% Change
ASEGreece Athens SE Index910.5-5.4%
VIXCBOE Volatility Index (VIX)13.12-4.0%
IBGArgentina General Index485305-3.0%
ISEQIreland ISEQ Overall Index4827.66-1.6%
TNOTECHNOLOGY PAN EURO29.965-1.6%
The International Equity Index Model Portfolio
  • We watch to buy IBEX.
Daily Analysis

Symbol Name Comment Close 1 day Support Resistance
SPGLOBS&P Global 1200 IndexRecovery from oversold slows within the prior top.1898.95+0.2% 1741.88/1773.71961.12/1900.09?
INDUDJ IndustrialsExtends the overbought rally to a new all-time high.17573.9+0.1% 15340.7/15855.1/
SPXS&P 500 IndexResumes the rally to a new all-time high.2031.92+0.0% 1820.66/2001.01/
CCMPNASDAQ Comp.Advance slows near the highs.4632.53-0.1% 3946.03/4116.65132.52
NDXNASDAQ 100Advance slows near the highs.4160.51-0.1% 3489.6/3700.224816.35/4308.62
UKXFTSE 100Recovery passes the 50-day MA and the early-Oct high (6588.31) during Fri.6567.24+0.2% 6023.44/6072.686904.86
SX5EEuro Stoxx 50Counter move from oversold struggles.3064.92-1.2% 2789.63/2965.573325.5/3169.86
CACFrance CAC40 IndexPauses the counter move from oversold.4189.89-0.9% 3668.77/3789.114509.58/4319.31
DAXGermany DAX IndexPauses the rally from oversold.9291.83-0.9% 8094.22/8354.979891.2
SPMIBItaly S&P MIB IndexRecovery yields to ranging beneath resistance at the 50-day MA.19095.3-1.0% 17555.8/18701.220389.5/19832.3
CRTXRussian Traded IndexOversold downtrend has paused.1467.02+5.5% 1217.05/1385.111681.19/1595.31
IBEXSpain IBEX 35 IndexRecovery pauses near the 50-day MA.10126.3-1.3% 9370.5/9994.810728.8/10513.3
OMXSweden OMX IndexRally slows by the Sept peak.1410.88-0.3% 1234.04/1246.561474.76/1424.22
SMISwitzerland SMI IndexDid not maintain the break over the Sept ceiling (8874.48).8816.92-0.5% 7870.89/8705.878918.77
AS51Australia ASX200 IndexRally towards the Aug/Sept ceiling slows. RSI high.5523.96-0.5% 5122/54815679.5
SHASHRChina Shanghai A IndexRenew the rally to test the early-2012 high (2596.15). RSI overbought again.2590.33+2.3% 2386.78/2541.172657.05/2596.15
HSIHK Hang Seng IndexPauses the rally from the s-t range.23744.7+0.8% 21680.3/22565.625363/24470.3/24133.5
SENSEXIndia BSE Sensex IndexOverbought uptrend slows near the all-time high.27868.6-0.2% 25232.8/25910.8/
NKYJapan Nikkei 225 IndexOverbought rally slows.16780.5-0.6% 1452918300.4/17489/17127.7
IBOVBrazil Bovespa IndexPotentially reasserting the downtrend.53222.8+1.1% 44904.8/48722.358897.5/54628.6
SPTSXCanada TSX CompositeRenews the recovery after a short ranging phase.14690.8+0.9% 13646.8/14295.114878.7
VIXCBOE Volatility Index (VIX)Holds the s-t decline towards the Aug/Sept floor.13.12-4.0% 11.2437.53/31.06


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