Dow Jones Industrial Average - This old economy benchmark index measures the outlook on the  New York stock exchange. The previous fortnight has seen the Dow Jones moving in a short term downward sloping channel which could be a flag formation. Last week, we had forecasted that the same would be confirmed only upon the breakout from the channel top at the 9220 levels. Should the Dow Jones close above this level and remain above this, expect the fresh upmove to see acceleration in the coming week - possibly beyond the 9400 mark. On the lower side, the absolute support is at the 8925 levels. As per our analysis, the Dow average been unable to surpass the congestion levels for the 6 th week in a row. This is a sign of weakness.

Your call  of  action - Since Indian investors are not  allowed  to  trade in overseas markets, this  is  a  pure academic study.

Nasdaq - This new economy benchmark index measures the outlook on the Nasdaq exchange. Though the index is making a saucer formation, the same is not supported by  the short term momentum oscillators. The 30 day SMA is a good historical support and is poised at the 1700 levels. Should it close below these levels, expect weakness to set in on the index, thereby effecting the domestic technology stocks too. On the upside, the index can gain only if it clears the previous high of 1776 levels, which was advocated last week also. That will be THE threshold to to watch in the coming week

Your  call  of  action - Since  Indian  investors  are  not  allowed  to  trade  in  overseas  markets, this  is  a  pure  academic  study. 

FTSE - This index measures the outlook on  the London stock exchange. The  index has been making higher bottoms  and tops on the  weekly charts. Last week, we observed that the index has been unable to surpass the downward sloping channel. That resistance point is 4220 which the FTSE must surpass. In the coming week, our investors must watch these levels. On the downside, the support to watch would be 3890 levels.

Your  call  of  action - Since  Indian  investors  are  not  allowed  to  trade  in  overseas  markets, this  is  a  pure  academic  study.