Nasdaq approaching strong resistance but Dow 21,000 seems likely within 18 months
Europe and China booming ahead
Oil has a chance of bottoming at the current level
23rd March: The Nasdaq is approaching strong resistance. But if the trend continues in its current channel, the S&P should reach 2,400 between the middle of this year and the middle of next year. That would likely equate with Dow 21,000.
Eurostoxx is booming ahead. But there is resistance at 3,900. If that passes, 4,400 is the next likely resistance. EFA, incorporating a bit of Japan and Australia, also looks bullish.
WTI crude failed support and repaired it. There is still a chance that oil is bottoming at the current level. Reversion to the 13-year mean would take the price back to $120. Although this is an imponderable objective, at least we can say that it is a fair probability, despite what Saudi oil ministers would have us believe.
The Hang Seng Index is languishing on support. Volume is still strong and I am still bullish about Hong Kong, especially since Shanghai has broken out of a long term bottom and gives a clear target of 5,100, quite likely by the end of this year. Given the number of Chinese chips in the Hang Seng Index, it's quite likely that the Hong Kong market will get pulled along for the ride, after languishing for several years.
As for the SET, there isn't a lot to go on. The 15-year mean is around 1,450 and resistance at the previous recent highs is strong.
Charts current to 20th March.