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Nikkei breaks 20,000 but India weakens

By Colin Twiggs
April 23rd, 2015 6:30 p.m. AET (2:30 a.m. EDT)

Advice herein is provided for the general information of readers and does not have regard to any particular person's investment objectives, financial situation or needs. Accordingly, no reader should act on the basis of any information contained herein without first having consulted a suitably qualified financial advisor.


Japan's Nikkei 225 Index closed above resistance at 20000, signaling an advance to 21000 and offering a long-term target of 22000*. Rising 13-week Twiggs Momentum indicates long-term buying pressure. Expect retracement to test the new support level, but penetration of the rising trendline is unlikely.

Nikkei 225 Index

* Target calculation: 20000 + ( 20000 - 18000 ) = 22000

North America

The S&P 500 is headed for a test of resistance at 2120, the upper border of a bullish ascending triangle. Breakout would confirm an advance to 2200*. 21-Day Twiggs Money Flow declined during the consolidation, but now appears set for another rally which would indicate medium-term buying pressure. Breach of support at 2040/2050 is unlikely, but would test primary support at 1980/2000.

S&P 500 Index

* Target calculation: 2120 + ( 2120 - 2040 ) = 2200

CBOE Volatility Index (VIX) indicates low risk typical of a bull market.

S&P 500 VIX

Canada's TSX 60 index retreated from long-term resistance at 900, but narrow consolidation above the rising trendline would be a bullish sign. 13-Week Twiggs Momentum holding above zero suggests a primary up-trend.

TSX 60 Index

* Target calculation: 900 + ( 900 - 800 ) = 1000

Europe

Germany's DAX retreated from resistance at Deutsche Bank's long-term target of 12500. Declining 13-week Twiggs Money Flow indicates medium-term selling pressure. Respect of support at 11600 would be a bullish sign, while breach would test the primary trendline at 11000.

DAX

* Target calculation: 12500 + ( 12500 - 12000 ) = 13000

The Footsie also retraced, to test new support at 7000. Declining 13-week Twiggs Money Flow indicates medium-term selling pressure. Respect of the rising trendline at 6950 would be a bullish sign, while penetration would warn of a correction to 6700.

FTSE 100

* Target calculation: 7000 + ( 7000 - 6000 ) = 8000

Asia

The Shanghai Composite Index advance continues. Rising 13-week Twiggs Money Flow indicates long-term buying pressure. Anticipates further monetary easing.

Shanghai Composite Index

* Target calculation: 3400 + ( 3400 - 2400 ) = 4400

India's Sensex continues to experience selling pressure, with a 13-week Twiggs Money Flow peak below zero warning of a reversal. Breach of primary support at 27000 would confirm. Recovery above 29000 would suggest a false alarm and another test of 30000.

SENSEX

Australia

The ASX 200 broke the lower border of its ascending triangle, warning of a test of support at 5750. The decline on 13-week Twiggs Money Flow is relatively mild, however, and respect of support would indicate another test of 6000. The primary trend remains upward and breakout above 6000 would offer a target of 6250*.

ASX 200

* Target calculation: 6000 + ( 6000 - 5750 ) = 6250



No matter how cynical you get, it is impossible to keep up.

~ Lily Tomlin

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