.png)
· S&P500 Technical Analysis: Stocks getting ready for a new bull leg
The S&P500 is in a bull trend.
The S&P500 is trying to for form a double bottom with the September lows as bulls are attempting to find support near 2,900.00 figure. Bulls look ready to launch a new bull leg soon.
Resistances are to be expected near 2,917.00 August 29 high, the 2,939.50 level (all-time high) and 2,950.00 while support can be expected near 2,900.00 figure and 2,877.00 (January swing high).
Main trend: Bullish
Resistance: 2917, 2939.50, 2950
Support: 2900, 2877, 2863.75
.png)
· European shares steadied in early trading on Tuesday as Chinese equities stabilized after a heavy sell-off and immediate worries over a stand-off between Rome and Brussels over Italy’s spending plans appeared to ease.
Strength in oil stocks on higher crude prices and a rise in banking stocks on rising global yields helped drive the pan-European STOXX 600 index up 0.05 percent by 0719 GMT, just above the 6-month closing low hit on Monday. Germany's DAX GDAXI and Britain's FTSE 100 .FTSE were flat.
.png)
· Asian shares hit 17-month lows on Tuesday as China allowed its currency to slip past a psychological bulwark amid recent losses in domestic share markets, a shift that pressured other emerging currencies.
MSCI’s broadest index of Asia-Pacific shares outside Japan went flat after ending Monday at its lowest point since May last year.
· Japan’s Nikkei fell to a three-week low on Tuesday after shares of firms with big exposure to China languished on worries about its economy while chip equipment makers tumbled, tracking weakness in U.S. tech firms overnight.
The Nikkei share average ended 1.3 percent lower to 23,469.39, the weakest closing level since Sept. 18.
· Shares in China ended Tuesday mixed after wavering through the day on nagging concerns over growth prospects despite Beijing’s steps to support the economy and contain the effects of an escalating trade war with the United States.
The Shanghai Composite index ended 0.2 percent higher, having repeatedly dipped into the red. The blue-chip CSI300 index, in contrast, was unable to hold onto gains and ended 0.1percent lower.
Thai
Eng