WORLD MARKETS
Further to my last post, world markets continued to plunge in Thursday’s trading, as shown below.
Market Stability: Are We There Yet?
Slope of Hope Blog Posts
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Financial Sector Flattened
There is lots of “air” below Monday’s closing price of 22.81, as shown on the monthly chart below of the U.S. Financial Sector (XLF).
Major support lies at 20.00, while major resistance (formerly support) is now 23.50.
SPX Retreats From The Outer Limits
As of Monday’s close (2746.56) (it’s a full moon today), the S&P 500 Index (SPX) is -18.89% from its peak at 3393.52 on February 19 — just 1.11% from reaching ‘bear market’ status — amid a sea of red following a meltdown in global markets.
Sunday Swoon: Saudi Arabia, OIL, USD/JPY, S&P 500 Futures
Saudi Arabia’s Tadawul Index (TASI) gapped down on the open and closed at 6846.36 on Sunday. It’s back around the October 2004 lows. It has gapped well below the neckline of a sloping bearish head and shoulders formation that began in late 2017, as shown on the following weekly chart.
It’s currently caught in a weak level of prior price support and is vulnerable to further downside, nothwithstanding the oversold RSI level.
(more…)2020 World Economic Cannibalism
Here’s a snippet of what I wrote in my post of November 9, 2018 with respect to world market headwinds and ‘harmonic globalism’…
(more…)