- Oil Next Week: What Traders Will Be Watching
- Hedge Fund Billionaire Paulson Reports New Citi Stake
- Cramer: 5 Earnings Reports to Watch Next Week
- Court Rejects 'Clawbacks' for Alleged Stanford Victims
- Tax Credit Sparking First-Time Home Sales: Realtors
- Investors Cut Back US Stocks for Bigger Growth Abroad
- Cities With the Most Home Price Reductions
- White House Plans to Freeze Spending to Cut Deficit
- This Year's Biggest Thanksgiving Leftover: Cash
- Oil Next Week: What Traders Will Be Watching
- Dollar is Not Plunging—So 'Calm Down': Market Strategist
- Strategists Say Markets Have More Upside — But How Much?
- Hirschhorn: Risk-Averse Traders
- Roginsky: A Funny Thing Happened on the Way to Financial Reform
- This Year's Biggest Thanksgiving Leftover: Cash
- TV Series Inks Unique Deal For Fight
- First Time Buyers Rescue Housing: Realtors
- Dollar General Trades Higher After Its IPO
- Fed Reform? Not So Fast.
MOST SHARED
- Seeking Innovation in Health Care
- Today's Market Action
- Israel: Leader of Business Innovation
- Microsoft's Bill Gates Praises Apple's Steve Jobs For 'Saving the Company'
- Herbalife Vs. Hedge Funds
- Has Twitter's Finest Hours (Seconds) Come and Gone?
- Low Interest Rate Investing
- Warren Buffett and Bill Gates: Keeping America Great
- Novo Nordisk CEO on Diabetes Epidemic
- CNBC TRANSCRIPT: Warren Buffett & Bill Gates - Keeping America Great
Text Size 
The uptrend in stock markets which started after they hit their lows in March has ended, Royce Tostrams, technical analyst at Tostrams Groep said Friday.
"Overall on the world's stock markets there's selling pressure coming into the markets," Tostrams said. "Remain on the sidelines. Don't enter the market too soon," he warned.
"For Wall Street, I expect the market to fall further," Tostrams told CNBC. "My target for the Dow on the downside for the short-term is 7,750 points, which is the low of May. If this low gives way and we fall below this support, then we could easily see the March lows of about 6,570 points."
The Netherlands' AEX index is "suffering under some selling pressure," he said. "As long as the downtrend is still intact, you have to be on the sidelines."
As the yen gains in strength, the Nikkei 225 Average weakens, Tostrams pointed out. "Falling below the support of 9,500 is a 30-day 'sell' signal on the Nikkei index. It could easily fall towards 8,500 levels formed in April of this year."
The only Asian index not suffering selling pressure is the Shanghai Composite index, he noted. "The greater China index is the only stock market with upward potential."
Print
Email
- Warren Buffett and Bill Gates spoke to Columbia students, and Buffett made the students a startling offer.
- For the chief of cable company Comcast, growth has been about making deals – generally very large deals.
- Some companies may start using insurance to shift carbon risk from their balance sheets to maybe... yours?
- The president and founder of Genesis Today wants to improve America’s health, and thinks Wal-Mart can help.
- Switzerland's privacy watchdog is taking legal action to force Google to make changes to its Street View service.
- A wealthy, distracted Texas driver crashed his million-dollar Bugatti Veyron sports car into a salt marsh, say police.
Data is a real-time snapshot *Data is delayed at least 15 minutes