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As I am beginning this post on Monday evening, the net change in the ES is +0.00, and I suspect things will be ungodly boring until the FOMC’s big event on Wednesday, at which time they do their usual schtick and also discuss details of slowly unwinding their gargantuan $4.5 trillion of assets they acquired for the noble purpose of making the Rich even Richer.
Of course, looking at the Dow 30, it sure doesn’t seem like anyone is worried about equities……..
I last wrote about the World Market Index on August 30.
Since then, price did retest (and break above) the 1950 major resistance level to make a new three-year high, as shown on the Daily chart below. It closed just above that level on Friday.
Notwithstanding this year’s push higher (once it broke above above the prior year’s congestion zone), the RSI, MACD, and PMO technical indicators have failed to make a series of higher swing highs since mid-May…suggesting that market enthusiasm is waning in world markets, in general.
The GBP/USD Forex pair has rallied to the underside of major price resistance, as shown on the Monthly chart below.
Watch for a breakout (and hold) above the current level, accompanied by a continued rise in the Momentum and Rate-of-change indicators, to confirm that a further rally is sustainable in the face of ongoing Brexit negotiations.
