Daily Archives: February 9, 2017

World Market Index & SPX Hamstrung by U.S. Politics?

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Further to my post of November 24, 2016, the World Market Index did, subsequently rally and is now stuck in a trading range between 1700 and 1750, as shown on the Daily chart below.

In that post, I mentioned the importance of a break and hold above 1750 as a potential signal of clear support for world equities, in the longer term, including that of the SPX.

You can see that a new “SELL” signal has just been triggered by the bearish crossovers of the MACD and PMO indicators.

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Mirror Images

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Want to see something interesting? Here’s the chart of the USD/JPY forex cross-rate  (black chart) married with gold (blue chart). The correlation seems about as close to -1 as you can get. As my Slope Plus subscribers know, I’ve got a hodgepodge of gold-oriented shorts, so it appears that USD/JPY is key to watch.

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