Charlie Gibson, Head of Mining for Edison Research, joined Zak Mir and Nick Batsford on the Tip TV Finance to discuss the future of the major indices.
The S&P 500 respected support between 1870 and 1900, and Batsford believed rallying towards another test of resistance at 2000 is on the cards.
In terms of the Dow Jones Industrial Average, Mir noted that it is testing support at 16000, and a breach of this level would confirm a primary downtrend, however, we are unlikely to see a (secondary) bear rally beforehand.
Batsford moved on to Germany’s DAX, which he commented that it signalled a primary downtrend, but appears to have found secondary support at 9500.
When concerning the FTSE 100, Mir outlined the strong support at 6000, with penetration of the descending trend line being unlikely but it would warn of a bear trap. He added breach of the support at 6000 is more likely and would confirm the primary down-trend.
Hong Kong’s Hang Seng Index broke support at 21000, according to Batsford, and the index is in the process of confirming gits primary downtrend.
Mir noted that Japan’s Nikkei 225 is testing primary support between 16500 and 17000.
Batsford finished with the Shanghai Composite, and he highlighted it continues to test the government enforced support level at 3000. He added recovery above 3500 is most unlikely, meanwhile, a breach of 3000 would warn of another sharp sell-off.
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