While our beloved Slope-meister rounds out his European vacation, I figured this might be a good time for those of us stuck at home to take our own quick trip around the world. I’d have to say that I have not seen such a unanimously bearish technical outlook for just about every major global stock market that I follow, US markets most certainly included, since at least early-mid 2011, if not late 2007. As (price) action speaks louder than words, without further ado I present you with a compilation of daily & weekly charts of the world’s largest equity markets. (more…)
Back when the RSX was at about $27, I pointed out on my TastyTrade segment how alluring that descending trendline was with respect to the Russian equity ETF symbol RSX. The price seemed to have a lot of respect for that line and, sure enough, the stock has been slipping lower ever since. It seems a trip down to about $21-$22 (recent support) seems altogether possible although, frankly, the triangle pattern formed by these two lines clearly shows a failure of the aforementioned support would turn the Russian equity market into a giant vat of spoiled borscht.
The Idiot Savant thought he should pitch in while our marvelous magnanimous multitasking maestro was mindlessly meandering the old world, tirelessly touring terrific timeless towns, torridly tasting tempting tavern table treats. Moreover, since TK’s currently globe trotting across Europe rubbing elbows with professional thieves, I thought it apropos to concentrate my questionable craft on a cunning confidential continental institution situated in Switzerland. Namely; the Bank for International Settlements, otherwise known as the BIS. The above luminous photo is of their luxurious Headquarters.
Ten times a year, once a month except in August and October, a small group of well dressed men arrives in Basel, Switzerland. Carrying elegant overnight bags and stylish brief cases, they discreetly check into the Euler Hotel, across from the railroad station. They come to this quiet city from places as disparate as Tokyo, Paris, Brasilia, London, and Washington, D.C., for the regular meeting of the most exclusive, secretive, and powerful supranational club in the world.
The following post was kindly provided by IG
Those paying attention to world news in recent weeks could be forgiven for thinking that we were almost returning to a cold war period, as tensions between Russia and the west escalate amongst increasing human tragedy.
Geopolitical risk has been dominating the headlines in a way not seen since the beginnings of the Arab Spring as conflicts in Ukraine, Iraq, Gaza and Syria show little sign of abating. Gaza and Ukraine in particular have distilled into global politics, as interested parties increase their involvement. (more…)
As shown on the following Weekly chart of the Nikkei E-mini Futures Index, price has now reached a potential Head & Shoulders major resistance level.
Failure to hold above the 15500 level may see price plunge back down to the neckline at 14000. A break of that level with conviction puts the H&S pattern target at 11500.
Looks like Asia is about to break out. Two nice ETF’s
China’s Shanghai Index has been quietly rallying since it approached the 2000 major support level once again in mid-June, as shown on the Daily chart of SSEC below. A recent surge has pushed price above the 200 MA, while the RSI, MACD, and Stochastics indicators remained above the zero levels and continued to rise.
Near-term support sits around 2090…a hold above this level should see price continue to rally.