The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) failed to clear its 200-day average which is resulting in a downtrend towards 81.4 levels. It is now clear that 88.36-90 area will act as strong resistance. Breakout above this area will possibly reverse the existing downtrend. Until that happens we continue to view the chart as a downtrend.
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Dear Tech Charts Members,
We are continuing our Member webinar series with chart pattern reliability and how the latest market conditions have impacted success rates on different chart patterns. We plan to have an interactive session and an open discussion to answer members' questions on different markets and specific charts of interest. Please send your charts and questions to aksel@techcharts.net, and I will add them to the webinar discussion points.
Scheduled for: Thursday, December 15, 8:30 am mountain (register below)
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Low volatility conditions continue on many cryptocurrency pairs. Tight consolidation have been intact for the past one month and are likely to be followed an increase in volatility and directional movements. Read More
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) is consolidating around its 200-day average at 88.4 levels. The ETF is looking for direction. On the daily scale price action is going through low volatility condition which is usually followed by directional movement. Next week will be important in understanding the short/medium-term trend direction. Failure to recover and stabilize above the 200-day average can result in a downtrend towards 81.4 levels. Another strong daily price action towards 90 levels can start a new uptrend above the long-term average.
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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) recovered above its 200-day average which was acting as resistance at 88.5 levels. Breakout was with a long daily candle that cleared both the trend line resistance and the 200-day average. Following two days were pullback to the broken resistance. It will be important for the ETF to hold above those levels in the rest of December. Failure to hold above 88.5 will result in a similar move we have seen in March 2022 where the ETF had few days of price action above the average and rolled over to resume its downtrend.
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Since the last update not much has changed on the outlook of the pairs that were covered. This update focuses on four different trade setups. In case of a change in outlook of the previously covered pairs, I will issue an interim report. For now we cover the following 4 pairs. Read More
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) remains below its 200-day average which is acting as resistance at 88.5 levels. This is now the second test of the 200-day average in the same month and the third test in the same year. We will learn shortly if this is another reversion to the mean in a steady downtrend or the beginning of a new uptrend with the breach of strong resistance area. The inflection area is between 88.5 and 89. Failure to clear the strong resistance area can result in a weakness towards the minor low at 85 levels.
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I start my research on Mondays and finalize by end of day Thursday. Friday is dedicated to putting all ideas to the report format. During the week I come across good setups and those are featured in the weekly report. However, there are those that pop during the week and is worth bringing to your attention before the week finalizes. Below are the latest additions to Tech Charts watchlist. These charts will also be included in the weekly update.
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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) remains below its 200-day average which is acting as resistance at 88.5 levels. The ETF recovered above 81.4 levels. Downtrend is intact. March and August were two other times the ETF tested its 200-day average in a downtrend. I will monitor the price action around the long-term average. 88.5-89.5 area is the resistance. Breakout above that range can change the outlook to positive for Global equities.
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A volatile week that was driven by the unfortunate events that unfolded around FTX. Many charts had bearish setups prior to the FTX collapse. Markets have always been a discounting mechanism. Most of the bearish setups completed with this week's sell-off. Now our focus is on those support levels that are likely to act as resistances. Let's review our charts. Read More
