Daryl Guppy is an independent technical analyst who appears frequently on CNBC Asia. He runs training, analysis and resource workshops for retail and professional financial market traders involved in stocks, CFDs, warrants, derivatives, futures and commodities in China, Malaysia, Singapore and Australia. He has his own trading company, guppytraders.com. He is a special consultant to AxiCorp.
There is continued down pressure on the Euro ST 50. The secular trend is down. Short term opportunities exist to trade rallies and retreats in the context of this downtrend. A retest failure of support near 1,980 has a downside support target near 1,800.
The Shanghai Index's long-term target is near 2,760.
The 12,600 target for the Dow is achievable in January 2012.