S&P500 continues to make new 52 week highs however its upside momentum may be losing a bit of steam. A decisive move below 1250 may lead to weakness which can see it test 1230 and 1180 level.

The Bovespa made a higher top last week indicating that the upmove may continue. Buying on dips may happen in the coming days beyond which it can target 72000 and 73000.

SSE has risen over the last one week. The current upmove may be a pullback rally and the level of 2950 can offer stiff resistance. If 2960 is not breached then the SSE can see downside levels of 2800 and possibly 2720.

The HSI had a technical breakout last week and its uprend is likely to continue over the medium term. Upside levels of 24400 and 25000 remain the target. Support is expected around 23500 and 23000.

The Nikkei trend remains basically positive and its uptrend is likely to continue further. Only a move below 10300 may trigger a trend change.

The FTSE like other developed markets remained strong. The bias for the trend is positive and it can move up some more but a move below 5900 can mark weakness for the index.

The EMI has moved sideways during the week with a positive bias. The medium term still looks good for the uptrend to continue. A move below 1140 would suggest weakness.