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A new “sell” signal has triggered on all three technical indicators for Brazil’s Bovespa Index (BVSP), following Thursday’s “shock drop,” as shown on the Daily chart below.
Near-term price resistance and support levels sit at 65,000 and 62,500, respectively, followed by longer-term support at 57,000.
My “Lessons I Never Seen to Learn” list has a growing number of entries. I’ve talked about the Gartman one repeatedly, but another one is this – – never short Mexico! I just can’t seem to get it right with this financial instrument. One of these days I’ll finally realize: NO MAS! Just look at all these price bar islands…………
Should the Euro break and hold above near-term resistance at 1.1250, it’s conceivable that it could reach the next level at 1.1500, as shown on the Daily chart below.
The first part of this article was posted yesterday………….
We updated the mostly bearish view on commodities earlier in the week. This includes the current bounce, which is happening exactly as was planned ahead of time. This would be the second such bounce we’ve projected within the intermediate bear trend (sort of opposite the chart of SIMO above). Using this chart we have plotted a bounce target of 182 to 184, with a shot at the SMA 200 (currently 187).
From the Year-to-date comparison chart below of the 4 Major Indices, it’s easy to see that the Nasdaq 100 Index has led this year’s equity rally by a wide margin, while the Russell 2000 Index is, essentially flat, after a couple of foiled attempts to gain any traction.
If the aim of President Trump’s proposed health care plan, deregulation on businesses, tax cuts, and tax reform is to help small business owners, market players don’t seem to be buying into that because of their rejection of small-cap stocks, so far, this year, as also depicted on the Year-to-date graph of the 9 Major Indices below. (more…)
