ISHARES MSCI ALL COUNTRY WORLD INDEX ETF

Every week Tech Charts Global Equity Markets report features some of the well-defined, mature classical chart patterns under a lengthy watchlist and the chart pattern breakout signals that took place during that week. Global Equity Markets report covers single stocks from developed, emerging and frontier markets, ETF’s and global equity indices. The report starts with a review section that highlights the important chart developments on global equity benchmarks. This blog post features from the review section the iShares MSCI All Country World Index ETF (ACWI.O) as a measure of Global Equity Markets performance.

The benchmark for Global Equity Markets performance reversed from all-time highs at 81.4 levels. In the last quarter of 2019, the ACWI ETF experienced two important breakouts. One of them was clearing the horizontal resistance at 74.8 levels which completed a 2 year-long H&S continuation, the other one was to breakout above 2018 highs at 77.5 levels. Since mid-January (first news of coronavirus), the ETF has experienced sharp corrections. The first sell-off pulled the ETF towards 77.5 levels which was followed by a recovery to 81.4 levels. The rebound failed at the previous high and this time another sell-off followed, pulling the ETF back to previous resistance/support area between 74.8 and 77.5 levels.

The ACWI ETF will try to stabilize around the support area. It will be important for ACWI ETF to recover and stabilize above its 200-day average. Failure to do so can put the support at 74.8 in danger, resulting in a larger scale correction and a possible change in trend. It is important to note that the last candlestick on the weekly scale price chart includes two days of trading (Monday & Tuesday). The weekly candle can look much different by the end of the week.

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