S&P500 dilly dallied and moved in both directions last week. Coming week might witness stiff resistance at 1350 level. The trend looks indecisive at present.

Bovespa made a smart upmove last week. If it continues to trade above 68100 then a short term uptrend is confirmed which can take the index closer to 70000 in the coming week.

SSE market remained sideways with a positive bias last week. If it fails to conquer 2950, then weakness could seep in which can see it retest its recent lows closer to 2850.

The HSI after staying above 22900 advanced to our projected levels of around 23600. Continuing upside strength will only occur above 23650. Since the index is in a trading range, we prefer to adopt a wait and watch policy at this stage.

Contrary to our view Nikkei made a smart rally in the early part of last week but weakness set in towards the later part. This index may continue to trade without any clear direction in the coming week. We prefer to sit on the sidelines before making a clear view in this market.

The FTSE, after trading both ways last week, closed slightly above 6000. Continuing to stay above 6000 may give it a clear upside directional thrust which can take the index closer to 6100 or higher in the coming week.

MSCI EMI made a good recovery to 1125 levels which was in line with our last week’s view. The coming week can see it sustain the uptrend if it continues to trade above 1120. Upside target in such a scenario is 1140 or higher.