Dow Jones Industrial Average - This old economy benchmark index measures the outlook on the  New York stock exchange.  On the lower side, the absolute short term support is at the 8995 levels. As per our analysis, the Dow average been unable to surpass the congestion levels for the 11 th week in a row. This is a sign of weakness. However, the last week has seen a firm closing and should the dow close above the 9380 mark, expect the index to test the 9500 levels.

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. The index has violated the short term averages and fallen marginally. This signals weakness in the domestic software stocks too. Last week, we expected immediate support at the 1610 levels and a possible bounce-back as the oscillators were oversold - that view has held ground. However, that should not construed as an end to the bearishness. Should the Nasdaq close below the 1684 levels, expect further bearishness.

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 had been unable to surpass the downward sloping channel. That resistance point was 4220 which the FTSE has surpassed. The oscillators are signalling a possibility of higher levels in the coming weeks. On the downside, the support to watch would be 3950 levels.

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