Global Equities: S & P 500: S&P500 continues to make new 52 week highs. However, its upside momentum may be losing a bit of steam. A decisive move below 1270 may lead to weakness in the trend.

BOVESPA: The Bovespa market slipped last week. A break below 69600 has seen an acceleration of momentum on the downside. Support is expected to come around 67000 level.

Shanghai SE Composite: SSE took support from the levels that we had mentioned last week. It moved sideways with a negative bias making a low of 2661. Short term strength can develop if it crosses the level of 2760. Support is expected to come around 2650 levels.

Hang Seng: The HSI uptrend remains in force as long as the levelof 23500 is not breached on the downside. Only a breach below it will negate the uptrend which can then take it to levels closer to 23000.

Nikkei: The Nikkei recoverd from the low of 10250 during the week. It is currently trading in a wait and watch zone and only a breach above 10650 or below
10250 will lead to a sustainable trend.

FTSE: The FTSE uptrend may have reversed below 5900. Weakness is likely to continue this week which could see it test 5800 or lower. Stiff resistance will come around 6050 level.

MSCI - EMI: TheMSCI EM is looking weak and may see further declines this week. Technical support is seen around 1110.