16.09.2014 - Technical view on stock indexes
The price of the futures on the American stock index S&P500 after a rebound from the bottom of the local descending channel has resumed a downward movement. Growth is limited by the upper limit of the local channel and a strong level of 1290. According to our estimates downward movement will continue in the medium term and we recommend keeping short positions with the targets of 1950 and 1915 and a stop above 2010.
Nearest resistance levels: 2010, 2050
Nearest support levels: 1990, 1975, 1950, 1940, 1915, 1900, 1886, 1873, 1850, 1780
The price of the futures on the German stock index DAX30 gradually decreases within the correction channel. After breaking through the lower boundary of the rising channel. Fixing of the price below 9600 will confirm the signal to open short positions with targets at 9400 and 8900 and a stop above 9870. Our medium-term view remains negative.
Nearest resistance levels: 9800, 9870, 10030, 10500
Nearest support levels: 9600, 9400, 9190, 9000, 8900, 8600, 8000
The price of the futures on the Japanese stock index Nikkei225 could not break the diagonal support level and a strong level of 15800 and rebounded of it. Growth is limited by the psychologically important level of 16000. The signal of a trend reversal will be fixing the price below 15600. In such case we can expect price drop to the level of 15200 and 14800. We maintain our positive outlook for the medium-term, but note the reduction of the price growth potential.
Nearest resistance levels: 16000
Nearest support levels: 15800, 15650, 15500, 15350, 15200, 15000, 14800, 14700, 14600