S&P500 after seeing a relentless rise for the last couple of weeks finally witnessed some deep cut last week. The short term view has weakened. Any rise may only be short term in nature after which it can see lower levels closer to 1280 or lower. A move above 1350 will be positive.

Bovespa retraced and remained subdued for the major part of last week. Failure to cross the level of 68300 in the coming week can result in the index weakening to levels closer to 65000.

SSE market moved sideways with a negative bias last week. The short term movement indicates that the index is likely to remain in a narrow band in the coming week.

The HSI after being weak for the major part of last week made a smart recovery on the last day. If it continues to stay above 22900, the index can advance further to 23600 level or higher.

Nikkei faced selling pressure and kept making lower lows last week. Coming week is likely to see further declines closer to 10300 or lower.

The FTSE, as we had projected, finally gave way and slid lower last week. The index has recovered on Friday however it is a wait and watch as directional clarity is not evident.

MSCI EMIdeclined last week which was in line with our view. A minor recovery to 1120-1125 is possible.