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DAX-DAILY




Postives:

  Market is making higher high and higher low formation.
  DAX is holding above its 200 DMA.

Negatives:

  Volume spike occurred during downtrend.
  If a market repeatedly tests its 200 DMA within a short span of 1 year it does raise
  questions about the strength of the trend.
  Momentum oscillators are well into negative zone for the index…
CAC- DAILY




The chart structure is worse than DAX, a clear sign of topping having completed and
breakdown occurred on very high volume. Retest and resumption of downtrend occurred
last week.

FTSE: DAILY




Similar story like DAX…
NASDAQ: DAILY




Though the structure of Nasdaq remains bullish but a very high volume decline followed
by a low volume bounce last week has raised the first red flag. Nasdaq needs to hold the
trend line support for the bull structure to remain intact.

DOW




Trendline needs to hold…
HANGSENG:DAILY




Topping action evident in HANGSENG and the tipping point remains 19,000…

NIKKEI:DAILY




Volume spike during a decline but still holding above key levels…
AUSTRALIAN STOCK INDEX: DAILY




Holding key level but topping action evident…

NIFTY: DAILY




Nifty continues to trade in a rising channel, however the following observations to be
noted:
   Since the bull market began in 2009, nifty has never paid much respect to any
   resistance level. But it is only last week that we saw the immediate resistance level of
   5200 held so formidably. Inspite of 3 attempts of incursion into the zone, heavy
   volume sell-off took the market down.

   Three sectors that were instrumental in taking the market higher over the past year viz.,
   IT, Bank and Auto are showing strain on their respective charts.
NSE BANK INDEX




NSE IT INDEX
BSE AUTO INDEX




CONCLUSION:
Global equity market rally is for the first time raising quite a few red
flags. Though markets of Hong Kong, China and Europe look weak
but US and India are yet to confirm that. However, this can be said
that the global equity markets have entered a “TOPPING OUT
PARADE” phase, where two possibilities emerge for the next 3
months.
(1) US and India both the markets breakdown.
(2) A final move higher lead by US and India occur over May- July,
where some markets register new highs and others either fail at
their old highs or just make a lower high… Therefore, it can be
concluded that the equity bull market of last 14 months has entered
the final phase…

@ Anindya Banerjee : anindya1979@gmail.com

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Global Equity Chartbook May 2010

  • 1. DAX-DAILY Postives: Market is making higher high and higher low formation. DAX is holding above its 200 DMA. Negatives: Volume spike occurred during downtrend. If a market repeatedly tests its 200 DMA within a short span of 1 year it does raise questions about the strength of the trend. Momentum oscillators are well into negative zone for the index…
  • 2. CAC- DAILY The chart structure is worse than DAX, a clear sign of topping having completed and breakdown occurred on very high volume. Retest and resumption of downtrend occurred last week. FTSE: DAILY Similar story like DAX…
  • 3. NASDAQ: DAILY Though the structure of Nasdaq remains bullish but a very high volume decline followed by a low volume bounce last week has raised the first red flag. Nasdaq needs to hold the trend line support for the bull structure to remain intact. DOW Trendline needs to hold…
  • 4. HANGSENG:DAILY Topping action evident in HANGSENG and the tipping point remains 19,000… NIKKEI:DAILY Volume spike during a decline but still holding above key levels…
  • 5. AUSTRALIAN STOCK INDEX: DAILY Holding key level but topping action evident… NIFTY: DAILY Nifty continues to trade in a rising channel, however the following observations to be noted: Since the bull market began in 2009, nifty has never paid much respect to any resistance level. But it is only last week that we saw the immediate resistance level of 5200 held so formidably. Inspite of 3 attempts of incursion into the zone, heavy volume sell-off took the market down. Three sectors that were instrumental in taking the market higher over the past year viz., IT, Bank and Auto are showing strain on their respective charts.
  • 7. BSE AUTO INDEX CONCLUSION: Global equity market rally is for the first time raising quite a few red flags. Though markets of Hong Kong, China and Europe look weak but US and India are yet to confirm that. However, this can be said that the global equity markets have entered a “TOPPING OUT PARADE” phase, where two possibilities emerge for the next 3 months. (1) US and India both the markets breakdown. (2) A final move higher lead by US and India occur over May- July, where some markets register new highs and others either fail at their old highs or just make a lower high… Therefore, it can be concluded that the equity bull market of last 14 months has entered the final phase… @ Anindya Banerjee : anindya1979@gmail.com