Let's take a quick look at some of the major global stock markets from a longer-term perspective (10-year weekly charts). Starting with the S&P 500, with prices recently rolling off the top of the large broadening wedge pattern as well as the recent bearish cross on the weekly PPO, along with many other factors, it looks like the SPX is headed to at least the 1820 support level in the coming weeks to months. S&P 500 10-year weekly Sept 18th By nearly all accounts, it appears that the 29% bear market in the Tokyo Nikkei Index since the mid-2015 [...]
A look at the major non-U.S global stock indices in the following order: $AORD (Australia), $TSX (Canada), $BSENX (India), $NIKI (Japan), $SSEC (China), $FTSE (England), $HKHS (Hong Kong), $DAX (Germany), & $CAC (France). A separate video covering the outlook for the US equity markets is uploading to YouTube now & will be posted later today (or you can visit the RSOTC YouTube channel to view it shortly).
I am a big believer that charts speak louder than words (especially those spoken by the majority of the pundits in the financial media). With that being said, here's a quick view of most of the major financial equity markets around the world. Live, annotated versions of each of these charts, along with other global financial markets can be found on under the Live Charts section of the site. Click on the first chart to expand, then click anywhere on the right-hand margin of each chart to advance to the next expanded chart. On an admin note, I will [...]
This video covers the major global equity indices on various time frames. As this comprehensive video spans just over 30 minutes, the indices are covered the following order for those wishing to skip ahead to a particular index: $SPX (US), $TSX (Toronto), $FTSE (London), $CAC (Paris), $DAX (Frankfurt), $AORD (Sydney), $SENSEX (Bombay), $SSEC (Shanghai), $HKHS (Hong Kong), $NIKI (Tokyo). http://youtu.be/DSqUvi5lvjU
I received an email on the EWJ short trade as the ETF traded as high as 11.86 yesterday vs. my suggested stop of 11.85. Remember, on April 30th, I stated that the stop parameter for that trade would be a on weekly close (end of day Friday) above 11.85 so this trade is still intact for now. I also wanted to share the fact that although many short trades have been stopped out recently, and rightfully so as the market has had a relentless bid underneath it lately, I still believe that this trade, along with a few other select long [...]
I am modifying the suggested stop on the EWJ short to a weekly close above 11.85 vs.any intraday or daily close above that level. Below are the updated weekly charts of EWJ and the $Nikkei, both of which are overbought levels rarely, if ever seen, followed by the 60 minute chart of EWJ. As I often say, overbought in itself is not a reason to short a security. However, extreme overbought at the first test of a key resistance does provide an objective short entry for at least pullback trade with the appropriate stops above. I know this market seems like [...]
In the recent Around the World in 30 Seconds post, I had stated that the Tokyo Nikkei Index would likely prove to be a nice short when it reached the 14,000 level. As the $NIKI closed at 13,926 last night after hitting an intra-session high of 13,974, that's close enough to go ahead an establish a short postion in EWJ (iShares MSCI Japan ETF) here at the open today. Charts below, in this order, are: $NIKI weekly, EWJ weekly, & EWJ 60 min. At this time, my only price target is 10.90, which would provide about a 5% gain if hit [...]