STOCKS
Almost all the major equity indices are trading weak along with the Asia Pac indices except Nifty.
Dow (23358.24, -0.43%) still has scope of testing 23600 on the upside while above 23200 levels. But in case the index breaks below 23200, a test of 23000 is possible before again resuming the uptrend.
Dax (12993.73, -0.41%) was unable to move above 13100 in spite of seeing a sharp rise from levels near 12800. A re-test of 12900-12800 looks possible before again resuming to bounce back towards 13100 and higher in the medium term.
The strength in Nikkei (22271.35, -0.56%) seems to have slowed down a bit now and we could see a fall towards 22000 again in the next couple of sessions. Near term looks weak.
Shanghai (3357.11, -0.76%) could bounce back from support near 3370-3360 and move back towards 3400-3420 this week.
Nifty (10283.60, +0.67%) is trading in the middle of the broad 10100-10400 region and could move towards either side this week. A test of 10400 first followed by a sharp fall towards 10100 is preferred but in case the index starts falling from current levels, it could initially come off towards 10200-10100 before again bouncing back.
COMMODITIES
Gold (1291.37) is trading higher but could be stuck in the 1270-1300 region for a few more days before moving above 1300 to test higher levels of 132/25. Immediate daily resistance is seen near 1300-1305 which is likely to hold just now.
Brent (62.56) may move up towards 64-65 while above 61 (decent support). WTI (56.76) has also bounced well as expected and could target higher levels of 58-59 which is a longer term resistance. Near term looks bullish.
Copper (3.0505) may face some rejection near 3.10 and could come off towards 3.00-2.95 as we have been mentioning since the past few editions. Near term looks bearish.
FOREX
Dollar Index (93.99) has immediate support near 93.40 and while that holds, a rise back to 94.50 is expected.
EURO (1.1736) almost tested levels near 1.19 as expected last week before facing rejection near 1.1860. The price could come off to 1.1700-1.1650 levels in the near term.
Dollar-Yen (112.006) looks weak just now. Although immediate support is visible near 111.60/50, in case the bears turn out to be stronger, we may expect a test of 111 on the downside.
The Pound (1.3198) has decent chances of moving towards 1.33 in the near term. View is bullish.
The Aussie (0.7555) has immediate support near 0.75 on the weekly candles and that could produce a medium term bounce leading it to a rise towards 0.76-0.77 in the coming sessions. Near term looks bullish while above 0.75.
Dollar-Rupee (65.03) is likely to move up towards 65.10/20 with a possible test of 64.90 on the downside.
INTEREST RATES
The US-Japan 10Yr (2.28%) is likely to come down towards 2.25/20% in the near term and if that happens it could well pull down Nikkei and dollar Yen along with itself. Near term looks bearish for all the three.
The US yields are all heading towards near term channel supports which if holds, could produce a decent bounce in the near term. The 5Yr (2.04%), 10YR (2.33%) and the 30YR (2.76%) are trading just above support levels and look bullish for the coming sessions.
The Japan 5YR (-0.12%) and the 10YR (0.04%) are looking weak and could come off towards -0.14% and 0.024% respectively in the near term.
