Weekly Market Brief (Indices)

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INDICES

AUSTRALASIA

ASX – 6276 ( +20 or +0.32% )

The ASX was one of the few major markets that managed to close higher last week how remains in a very narrow range, closing right at our key level of 6276.

VOLATILITY ALERTS:
Tue 14:30 – NAB Business Confidence
Wed 11:30 – Wage Price Index (quarterly)
Thu 11:30 – Unemployment Rate
Fri 09:30 – RBA Governor Lowe Speaks

For a continued move higher we must now see the ASX close above 6276. Should this occur we will look for a move into 6345, and if momentum to the upside is very strong we cannot rule out a move to 6440.

If the ASX cannot close above 6276, we will look for a move back down to 6206 before a pause. A strong break and close below this level however could see the ASX retest 6140, and if downside momentum is very strong we could see a move down to 6070.

EUROPE

DAX – 12412 ( -228 or -1.8% )

Last week we mentioned the DAX was showing topping signs and this market followed through with a strong sell-off on Friday.

VOLATILITY ALERTS:
Tue 16:00 – German Prelim GDP (quarterly)
Tue 19:00 – German ZEW Economic Sentiment

For a continued move to the upside we must now see the DAX hold above 12384 followed by a move into 12566. A break of this level could then result into a quick move into 12640; followed by continuation into 12714. If momentum to the upside is very strong we cannot rule out a move to 12830.

If the DAX fails to close and hold above 12384, we expect to see a move back down into 12198 before a pause. A break below this level however means we may see more selling into 12115; and if momentum is very strong to the downside we may see a sharp move into 12044.

US

SP500 – 2838 ( -3 or -0.11% )

The S&P finished off the week down slightly; however this week will be a key week for this market.

VOLATILITY ALERTS:
Wed 22:30 – Retail Sales (monthly)
Thu 22:30 – Building Permits
Sat 00:00 – Prelim UoM Consumer Sentiment

For a move higher we would like to see the S&P close and hold above 2840. Should this occur the stage is set for a retest of 2870 and any break above this level could see new all-time highs into 2902.

If we cannot hold above 2840, we will look for a move back down to 2808. A break below this level may result in another quick move down into 2794 and 2785; and if momentum to the downside is very strong we cannot rule out a move into 2760.

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Trade View Team

Trade View

Our team of professional Prop Traders specialise in trading Equities, Futures, Options, FX and Money Markets across multiple exchanges across the globe. The majority of Trade View traders have come through our development programs

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