The S&P500 has continued to advance steadily over the last week, contrary to our expectation of a consolidation. It suggests a general tendency to rise so far, but the pace is very dull. While the S&P500 stays above 1230, it can be considered as positive.

BOVESPAThe Bovespa remains choppy and stays within a range. But continues to rest above its 200 DMA (67204). The trend may show a minor bounce from here. However, overall conditions are likely to be choppy.

Shanghai SE Composite The SSE has failed to sustain the jump it made and has gone into a lull again. The trend is basically weak and is presently consolidating. We expect the present choppiness to continue for some more sessions.