GLOBAL EQUITY MARKETS – November 2, 2024
REVIEW
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) cleared the horizontal resistance at 116.7 levels and possibly completed a 2 month-long cup & handle continuation with a price target of 128 levels. Strong support area for ACWI ETF is between 111.52 and 116.7. Short-term support is the horizontal pattern boundary at 116.7 levels. Uptrend is intact. The ETF is experiencing a short-term setback. Failure to hold above the horizontal support can result in a sharp correction towards the 200-day average. In the short-term the ETF might be completing a month-long H&S top which can be the driver of the immediate weakness towards the 200-day average.
