Slope of Hope Blog Posts
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Italy’s FTSE MIB Index still remains more than 60% below its record high reached pre-2007 financial crisis, as shown on the monthly chart below.
It’s facing major overhead resistance with the convergence of a triple top price formation, 40% Fibonacci retracement level, and the lower edge of its original uptrending channel around 24,568, which is still a long way above its current price, but which may act as a depressant and contribute to volatile swings until it eventually retests that level and either breaks and holds above, or is rejected.
Numbers, in the modern world, give us privilege. They matter to you, and they matter to me.
For instance, I have a lengthy financial history whose data is measured by various credit bureaus. With my strong credit, I can be assured of having access to any cash I might need. My past behavior has demonstrated that I am financially responsible and can be trusted.
The monthly chart below of Canada’s TSX Composite Index (TSX) shows that price has become isolated outside of several long-term intersecting trendlines and is caught up within an expanding triangle formation that began forming in December 2016 (right after the U.S. Presidential election).
Expanding triangle formations typically represent trendless, volatile periods of consolidation and this type of range trading will continue until price either breaks and holds above or below this triangle. I’ve no reason to doubt that this will be the case here…particularly, in view of the following.
Canadian Prime Minister Trudeau’s recently-released 2018 budget is, in my opinion, a weak political budget, not a strong economic budget. There does not appear to be any kind of “backstop” fiscal measure/proposal to prevent or minimize economic headwinds/shocks that may arise from global or domestic pressures/issues, as well as current influences such as a wildly fluctuating Canadian dollar, wildly fluctuating commodity prices, rising global and domestic inflation, tightening Central Bank monetary policies, rising interest rates, high personal debt, anaemic wage growth, a weakening Canadian GDP (2017 Q4 GDP was 1.7%, below 2% estimates, and 2018 Q1 is not anticipated to be strong), etc. (more…)
Just like I said……….
I thumbed through my ETF charts this morning and noticed a couple of interested overseas items. First off, the emerging markets makes for an interesting short idea with a clean stop-loss at 50.31 (which is just above that horizontal, anchored to the gap).
As noted on this compressed monthly chart of China’s Shanghai Index (SSEC), price is currently in between major support (the apex of trendline convergence) at 3000 and major resistance (38.2% Fibonacci retracement) at 3368.