10.11.2014 - Technical view on stock indexes
The price of the futures on the American stock index S&P500 continued the upward movement inside the rising channel and currently is consolidating above the level of 2020. The potential for further growth is steadily declining. The breaking of the lower limit of the upward channel and fixing the price below the level of 2000 will be a signal to open short positions. We admit the possibility of continuing the upward movement of the price to the level of 2050, but maintain midterm negative outlook with the objectives of around 1780.
Nearest resistance levels: 2050
Nearest support levels: 2020, 2000, 1990, 1950, 1915, 1900, 1886, 1860, 1820, 1780
The price of the futures on the German stock index DAX30 failed to gain a foothold above the level of 9400 and dropped to the bottom of the rising channel. The breaking of the bottom channel and fixing the price below 9200 will be a signal of the change of local uptrend to negative. In such a case we recommend to open short positions with targets at 8800 and 8200. Our medium term outlook remains negative.
Nearest resistance levels: 9400, 9600, 9800, 9870, 10030
Nearest support levels: 9190, 9000, 8800, 8600, 8200, 8000
The price of the futures on the Japanese stock index Nikkei225 continues to consolidate within the triangle. After the price leaves the triangle, we expect strong price movement. In case of breaking through it upwards, the price is likely to reach a level of 17600, and fixing the price below 16700 will be the reason for the price drop to the level of 16400 and 16000. We maintain midterm positive outlook.
Nearest resistance levels: 17000, 17500
Nearest support levels: 16700, 16400, 16000, 15800, 15450, 15200, 15000, 14800, 14500