Global stock indices hold gains; look bullish.

Tue 19th Aug

Trading volumes may be down of late but many of the global stock indices are holding on to recent gains, despite all of the geo-political turmoil, and some even look quite bullish. 

S&P500: this major heavy weight index is still holding above a daily support trend line. An ultimate bullish target of 2,500 is still seen here and this numerical value is being discussed by other traders now as well. The calculation of this target can be viewed in an earlier post through this link.

S&P500 daily:

S&Pdaily

S&P500 daily Cloud: the index has moved back above the Cloud and traders need to watch for any possible new bullish Tenkan/Kijun cross:

S&PdailyCloud

S&P500 weekly: showing one calculation for the bullish target:

S&Pweekly

S&P500 monthly: showing another calculation for the bullish target:

S&Pmonthly

DJIA: Like the S&P500, this index has also held above a daily support trend line. It has also just made a 'Bull Flag' breakout. I am still seeing an ultimate target of 21,000 here. The calculation of this target can be viewed in an earlier post through this link:

DJIA daily:

INDU

DJIA daily Cloud: price is trying to break back up above the Cloud:

INDUdaily cloud

DJIA weekly: showing one calculation for the bullish target:

INDUweekly

DJIA monthly: showing another calculation for the bullish target:

INDUmonthly

NASDAQ: this has made a bullish close above the 4,500 level for the first time in 14 years. This index is also still holding above a daily support trend line but might stall again as it reaches a potential monthly chart 'Double Top' region :

NASDAQ daily:

NASDAQ

NASDAQ weekly:

NASDAQweekly

NASDAQ monthly: showing a potential 'Double Top' region setting up here:

NASDAQmonthly

Russell 2000: the US 'small caps' index. This continues to hold above the 1,100 support level. It also looks to be forming a bullish 'Flag' pattern:

RUTdaily

Canada's TSX: This index had already made a bullish symmetrical triangle break but it now looks like achieving a bullish ascending triangle breakout as well. A monthly hold above the 15,200 level would support this breakout. The height of this ascending triangle is 7,700 (15,200 - 7,500). Thus, the target for any bullish follow through is technically predicted to extend possibly up as far as 7,700 from the 15,200 level. This gives a predicted target of 22,900:

TSX daily:  a bullish symmetrical triangle has evolved and now an ascending triangle break is in play:

TSXweekly

TSX monthly: showing an ultimate predicted target of 22,900. 

TSXmonthly

London's FTSE: This index is still looking bullish as it trades in an ascending triangle pattern:

FTSEweekly

India's SENSEX: has continued with its bullish ascending triangle breakout. The height of this bullish ascending triangle was 13,000 (21,000 - 8,000). Thus, the predicted technical target for any potential bullish follow through would be up 13,000 from the 21,000 level. This predicts a target of 34,000:

SENSEX weekly:

SENSEXweekly

SENSEX monthly: showing the bullish target of 34,000:

SENSEXmonthly

Hang Seng Index: much is being made about this index flirting up near the 25,000 level. I see this index has already carved a bullish triangle breakout here though with the close above the 24,000 level:

HIS

Shanghai's Straits Times Index is looking bullish as it trades near the top of a symmetrical triangle as well:

STIweekly

XJO: S&P/ASX 200: seems now to have cleared the 61.8% fib and I'm suggesting the next target area will be the 78.6% fib up near 6,000:

XJOweekly

XSO: The Aussie 'small caps' index: this has achieved a bullish triangle breakout:

XSOweekly