From the three global equity benchmarks we follow, the iShares MSCI All Country World Index ETF (ACWI.O), the iShares MSCI Emerging Markets Index ETF (EEM) and the iShares MSCI Frontier 100 ETF (FM), only ACWI ETF managed to hold above its 200-day average. Read More
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O), pulled back from the strong resistance at 74.8 levels. During the week price tested the long-term 200-day average at 71 levels and rebounded. For now we can conclude that the 200-day average acted as support. In the following weeks I will monitor the price action around the average. Failure to hold above 71 levels can result in a larger scale correction. The daily scale price chart can form a short-term H&S top. Both the neckline of the possible H&S top and the 200-day moving average are overlapping at the same level (71). In the short-term, as long as the price remains above 71 support, ACWI ETF is expected to trade between 71 and 74.8 levels.
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The benchmark for Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) experienced a sharp pullback from the strong resistance at 74.8 levels. Pullback found support around the 200-day moving average at 71 levels. What could be next for the Global equity benchmark? One option is a new trading range between 71 and 74.8, similar to what the benchmark experienced in the first half of 2018. A consolidation between the long-term average and the horizontal resistance at 74.8. The other option is the continuation of the correction with a breach below the long-term average. As long as the index manages to hold above the long-term average, I will continue to view the price action as positive. Short-term support is at 71 and the resistance is at 74.8 levels.
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The benchmark for the Global equity markets, the iShares MSCI All Country World Index ETF (ACWI.O), continues to remain around the strong resistance at 74.8 levels. The long-term 200-day moving average stands at 71 levels. There is no clear short-term chart pattern that would indicate a continuation of the existing uptrend. Price remains above the long-term average and such technical condition suggests the ETF is in an uptrend. If there is a pullback from the short-term resistance at 74.8 levels, the 200-day moving average is likely to act as support.
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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O), found resistance at the important horizontal resistance at 74.8 levels. Given the magnitude of the strong rebound and the steady rise without any pullback, one can't rule out the possibility of a breather/pause around the resistance at 74.8 levels. If we see a pullback, the 200-day moving average which is currently at 70.8 levels can act as support.
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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O), is now very close to a horizontal resistance at 74.8 levels. Given the magnitude of the strong rebound and the steady rise without any pullback, one can't rule out the possibility of a breather/pause around the resistance at 74.8 levels. If we see a pullback, the 200-day moving average which is currently at 70.6 levels can act as support.
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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) is now close to a horizontal resistance at 74.8 levels. The ETF had a strong rebound from 63 levels. The V-bottom reversal was followed by the ETF clearing its long-term moving average in February. Since then the ACWI ETF has been trending above its long-term average. I consider price action above the long-term average as positive and classify it as an uptrend. Though it is important to note that, last few month's price action has been steep and such steep advances are not sustainable. During any setback the long-term moving average at 70.45 levels will act as support. Short-term resistance stands at 74.8 levels.
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Dear Tech Charts Members,
We are continuing our Member webinar series with inverse H&S chart pattern that acts as a bottom reversal and also as a continuation. Over the past few weeks Global equity markets report identified some well-defined and mature H&S bottom reversals and H&S continuation chart patterns. I hope to highlight differences between these two types of bullish chart patterns and discuss how they develop in the general context of overall price action.
Scheduled for: Thursday, April 18 at 8:30am MST (register below)
The upcoming webinar is dedicated to a thorough discussion on inverse head and shoulder (reversal) and bullish H&S continuation.
A short-term bullish opportunity might be developing in Energy sector equities in Global markets. Last week's Global Equity Markets report featured SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF (XOP). This interim update adds few more well-defined horizontal chart pattern setups that can resolve on the upside. Breakouts from these consolidations can add momentum to Energy related equities.
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