INTERIM UPDATE – March 29, 2019

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One of my daily tasks is to go through +/- 2,000 names in search for well-defined classical chart patterns. I do this throughout the week. I disconnect from the markets during trading hours and run my research. As the weekend nears, I start finalizing new additions to the watchlist section of the weekly report. I like to inform members ahead of breakouts letting enough time to run their own due diligence on the companies discussed.

The chart below was part of the upcoming report's watchlist. However, it seems like there is a possibility of a breakout prior to the weekend. I think it is important for our members to be informed about this chart  setup.

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GLOBAL EQUITY MARKETS – March 23, 2019

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The benchmark for the Global equity markets performance the iShares MSCI All Country World Index ETF (ACWI.O) is trying to find direction above its long-term average. In March the index pulled back to the 200-day average and rebounded. Past few day's trading once again pulled the index towards the long-term average that can act as support around 70 levels. We can see choppy price action around the 200-day average. More important is how the index will consolidate around the average. If it forms an orderly, recognizable short-term consolidation (in the form of a flag, pennant, rectangle, symmetrical triangle) I will conclude that the index is preparing for a new leg up. Price action in 2016 is a good explanation of what I would like to see around the 200-day average to call for a change in trend. (A sharp drop, followed by a strong rebound that breaches the 200-day average, followed by choppy price action in search of a new trend and eventually forming a recognizable chart pattern)

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GLOBAL EQUITY MARKETS – March 16, 2019

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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) found support above its 200-day (40 week) average. Sharp V-reversal from the low of January 2019 didn't encounter a pullback/correction. I analyze the price action that manages to consolidate and find support above its long-term average as positive and review the ACWI ETF with a bullish bias. During any pullback or further sideways consolidation, the 200-day moving average at 69.9 levels will act as support.

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GLOBAL EQUITY MARKETS – March 9, 2019

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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 71.3 levels. Strong rebound that started in the beginning of January is now being interrupted with a correction. This week's price action tested the 200-day moving average.  We are likely to see more choppy price action around the 200-day average, possibly in an attempt to form a reversal chart pattern. It is still early to call for the developing chart pattern a head and shoulders reversal. ACWI ETF is now in a trading range between 66.3 and 71.3 levels.

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GLOBAL EQUITY MARKETS – March 2, 2019

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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF remains above its long-term 200-day moving average. The ETF is now testing a minor resistance level at 71.3. The rebound from January lows has been strong and without any correction. A possible correction can result in a pullback to test the 200-day moving average at 69.8 levels. With the price remaining above the long-term average, the technical outlook has turned positive.

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GLOBAL EQUITY MARKETS – February 23, 2019

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The benchmark for the Global equity markets performance the iShares MSCI All Country World Index ETF is testing the resistance level at 71.3 levels. Since the beginning of the year the ETF had a strong run towards the 200-day moving average. Over the past two weeks the ETF cleared its long-term average. If there is a pullback, the 200-day moving average will act as a support around 69.7 levels. Price action above the long-term average should be considered bullish and could signal a change in trend.

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INTERIM UPDATE – February 19, 2019

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As part of our usual communication and e-mail exchange with Tech Charts members, I got the request to review metal miners. During my research on Philadelphia SE Gold/Silver Index constituents I came across this chart pattern setup which is slightly in longer duration that I feature in the reports (3 months-24 months). However, I think the developing chart pattern is worth bringing to your attention. Read More

GLOBAL EQUITY MARKETS – February 16, 2019

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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF had another strong week pushing the ETF above its 200-day (40-week) moving average. Back to back weekly gains followed the V-bottom reversal from the support level at 63. I think we are likely to see some sort of consolidation around the long-term average. Given the uninterrupted advance from January lows, a short-term pullback can possibly form the right shoulder of a H&S bottom formation. Please note it is still early to call for such development. I want to highlight this possibility as many other benchmarks are forming similar structures. For a good example of a consolidation around the long-term average, you can check the H&S bottom formation in 2016.

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GLOBAL EQUITY MARKETS – February 9, 2019

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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 200-day moving average. After a sharp rebound from the support area (63 levels), the long-term 200-day moving average was the first important resistance the ETF faced. During any consolidation around the 200-day average or during a pullback, I will be looking for a bullish continuation chart pattern development. For bullish interpretation and a reversal of the downtrend, I would like to see the ETF stabilizing above its long-term average. A good example is the first half of 2016...

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GLOBAL EQUITY MARKETS – February 2, 2019

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The benchmark for the Global Equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) reached its 200-day moving average after a strong rebound from the support at 63 levels. Back to back weekly gains pushed the index towards the resistance level I follow and utilize as a trend filter. I consider price action above the long-term average as strong and expect higher levels. Price action below the long-term average shows weakness and can become part of a larger scale downtrend. Both daily and weekly scale price chart for the ACWI ETF hasn't provided a well-defined chart pattern.

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