Tech-Heavy Nasdaq, India's Nifty 50, Preventing Global Stock Market Correction –

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The technicals for the five major U.S. equity averages improved this week. The Dow Jones Industrial Average (INDU) , the S&P 500 , Dow transports and Russell 2000 may have neutral weekly charts, unless there’s a sell-off on Friday. The Nasdaq Composite (NDAQ) continues to have a positive but overbought weekly chart, and remains below its all-time intraday high of 5.936.39 set on April 5.

Overseas, the Nikkei 225 continues to have a negative weekly chart. The Shanghai Composite will likely end the week with a downgrade to a negative weekly chart. The German DAX could have a downgrade to neutral or negative as this week comes to an end. The Nifty 50 will continue to have a positive but overbought weekly chart.

It’s been a week without new highs for any of the nine major global averages. India’s Nifty 50 is the only major overseas average to set a new high in 2017, and each of the other three remain below highs set between April 10, 2015, and June 24, 2015.