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International Equity Index Daily Hotline 
28 January 2016                                     By Cornelia Dichio, Analyst
Chart of the day: NASDAQ retraces recovery rally

 

The US NASDAQ Composite lost 2.2% for Wednesday's session.  Also, the fall through 4500 generated a bearish P&F Breakout signal on the automated scanner.  The market had been enjoying a recovery, having languished in oversold territory for most of the month, from prior support at the August floor (4292.14).  A push past 4600 is now required to remove the risk of an additional retracement of the recent rebound.

 

 

Daily Comment:

 

In contrast, the US S&P 500 index had produced a bullish P&F Breakout signal, on the move through 1910.  However, the market did not maintain that breakout, finding intraday resistance at 1916.99.  In fact, unless that level is cleared beforehand, there is some danger of a further retreat back towards the recent low at 1812.29. 

The RSI indicator for Brazil's Bovespa index has been in oversold ground for most of the month.  Finally, there is some signs of life in the market, which recorded a 2.3% gain yesterday.  That said, though, a more dynamic up move would be needed to signal scope for a further recovery towards the sideways region around 45000. 

Russia's Trading System $ index has posted a 5.2% gain for today's trading.  The market has restarted the recovery from oversold after a brief pause.  We would point out the potential resistance near 750, from the 50-day MA line.  Otherwise, the next chart target is the mid to late-December ceiling at 795.16.

In contrast, Chinese Shanghai indices appear on the 'Losers' list.  We continue to hold a short trade in the B version, which shed 1.7%, as it reasserted the decline towards the August/September floor around 280.

 

 

Gainers / Losers
Top 5 Gains.
SymbolStockClose% Change
RTSI$Russian Trading System Index $715.9+5.2%
XAUPHLX Gold & Silver Index45.6615+2.8%
VIXCBOE Volatility Index (VIX)23.11+2.7%
HUINYSE Arca Gold Bugs Index120.542+2.6%
IBOVBrazil Bovespa Index38376.4+2.3%
Top 5 Losses.
SymbolStockClose% Change
SHASHRChina Shanghai A Index2778.98-2.9%
SHCOMPShanghai Composite Index2655.66-2.9%
NDXNASDAQ 1004128.86-2.5%
CCMPNASDAQ Composite4468.17-2.2%
SHBSHRChina Shanghai B Index335.361-1.7%
The International Equity Index Model Portfolio
Date Stock Code Type Open Price Current Price % P&L Target Stop
20 Jan 2016 FTSE 100 UKX Short 5768.22 5990.37 -3.85% 6100
26 Jan 2016 China Shanghai B Index SHBSHR Short 341.365 335.361 +1.76% 390
  • There are no changes today.

 

Daily Analysis

Symbol Name Comment Close 1 day Support Resistance
SPGLOBS&P Global 1200 IndexOversold s-t fall reverses near the Aug 2013 low.1691.27-0.3% 1640.591900.53
INDUDJ IndustrialsRecovery from oversold and support near the Aug floor (15370.3) pauses again.15944.5-1.4% 14719.4/15340.7/15370.317977.9/16593.5
SPXS&P 500 IndexRenews the counter rally from oversold before finding intraday resistance at 1916.99.1882.95-1.1% 1737.92/1812.292116.48/1950.33
CCMPNASDAQ Comp.Retraces the recovery from oversold and the Aug floor (4292.14).4468.17-2.2% 4116.6/4292.144714.8/4591.18
NDXNASDAQ 100Retraces the counter move from oversold.4128.86-2.5% 3787.23/3992.914359.3/4268.11
UKXFTSE 100Recovery from the Nov 2012 low (5605.59) continues to test resistance near 6000.5990.37+1.3% 5478.02/5605.596314.57/6011.13
SX5EEuro Stoxx 50Reasserts the recovery from oversold.3043.47+0.4% 2789.63/2855.443524.04/3345.2
CACFrance CAC40 IndexReasserts the counter move from oversold.4380.36+0.5% 3926.34/4084.685011.65/4748.76
DAXGermany DAX Index'Bear trap' recovery follows the failed dip under the Aug/Sept floor (9325.05).9880.82+0.6% 9219.05/9314.5711430.9/10992.6
SPMIBItaly S&P MIB IndexReasserts the recovery from the oversold 'Trough' KDR of 21 Jan.18848-0.4% 17555.8/1783622875/21730.2
IBEXSpain IBEX 35 IndexReasserts the small recovery from oversold.8741+0.6% 8275.9/820610631.6/10000.4
OMXSweden OMX IndexRenews the counter rally from oversold. Tests initial resistance (1379.95).1365.59-0.7% 1246.56/1283.131461.49/1379.95
SMISwitzerland SMI IndexReverses the s-t fall. Failed break under the Aug low.8322.68+0.1% 7852.83/7935.479080.56/8487.61
AS51Australia ASX200 IndexSmall 'bear trap' recovery dithers near the round 5000 level; at the lower side of the prior multi-month trading band.4976.16+0.6% 4632.3/4803.95384.8
SHASHRChina Shanghai A IndexTests Wed intraday support at 2760.92. RSI oversold again.2778.98-2.9% 2552.23856.74/3201.75
HSIHK Hang Seng IndexReasserts the fall towards the mid-2012 low (18056.4) after a small bounce from oversold.19195.8+0.8% 17657.7/18056.423423.6/22217.5
SENSEXIndia BSE Sensex IndexOversold s-t fall pauses.24469.6-0.1% 22197.5/23839.827618.1/26256.4
NKYJapan Nikkei 225 IndexRenews the rebound from oversold.17041.5-0.7% 14529/16017.320012.4/17717.8
IBOVBrazil Bovespa IndexOversold fall shows a loss of momentum.38376.4+2.3% 35721.8/37046.150894.5/49752
SPTSXCanada TSX CompositeRenews the recovery from oversold.12377.8+0.4% 11209.6/11531.213344.2
VIXCBOE Volatility Index (VIX)Retraces the s-t rally.23.11+2.7% 10.88/12.833.82/32.09


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