(THAILAND) SET INDEX & (TURKEY) BIST 30 INDEX

Emerging markets are taking a hit with their bond, currency and equity markets. We are seeing clear technical damages on mainly emerging asia and the rest of the emerging markets. Two equity indices that show similarities are Thailand’s SET index and Turkey’s BIST 30 index. Both indices had strong uptrend between 2009 and 2013. They were the best performing markets. Though this might be ending soon. Both SET index and BIST 30 breached strong long-term trend supports. They are clearly below their 200 day moving averages and downward momentum is picking up over the past few days. On both indices MACD generated sell signals below 0 level. Technical outlook is negative.

What would change the outlook back to neutral/positive? Turkey’s BIST 30 index should climb back above its 200 day moving average at 95K and Thailand SET index above 1,450. Before that happens we follow these two markets with a negative outlook.