GLOBAL EQUITY MARKETS – August 31, 2024

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Announcement

Dear Tech Charts Members,

We continue our Member webinar series with chart pattern reliability statistics for the Year to Date and the past one quarter. We plan to have an interactive and open discussion session to answer members’ questions on 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. Our main focus will be on capturing strong directional moves from the statistically best performing chart patterns. I will also review market cycles and their impact on pattern performance.

Scheduled for: Thursday, September 5, 8:30 am Mountain (register below)

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GLOBAL EQUITY MARKETS – August 24, 2024

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REVIEW

The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) experienced a sharp pullback to its long-term average and a similar rebound. So far the price action can be analyzed as a steady uptrend. Short-term corrections and consolidations are part of any strong uptrend and should be expected with this ETF as well.  Stability above the 200-day average can result in a drop in volatility and offer long entry conditions with better defined chart patterns. Many benchmarks tested their 200-day averages. Stocks or indices that hold well in such environment will be the first ones to resume higher when momentum returns. Strong support area for ACWI ETF is between 110.45 and 107.4. Short-term resistance area is between 114.7 and 116.7. It has been a steep rebound and the ETF might consolidate last 2 week’s gains. Friday’s close is not a confirmed breakout to new highs. I see it as a violation of previous high.

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CRYPTOCURRENCIES – August 18, 2024

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BTCUSD holding the lower boundary of a possible trend channel and the year-long (52 week) average. Price is still above the year-long average and should be considered to be in an uptrend. ETHUSD is having difficulty below its support at 2,800 levels. Breakdown below the horizontal support resulted in a sharp correction towards 2,000 levels. ETHBTC slipped below support at 0.05 levels. Breakdown below the horizontal support (monthly confirmation required) can result in ETH underperformance.
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GLOBAL EQUITY MARKETS – August 17, 2024

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REVIEW

The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) experienced a sharp pullback to its long-term average and rebounded. So far the price action can be analyzed as a reversion to the mean. Short-term corrections and consolidations are part of any strong uptrend and should be expected with this ETF as well. Volatility in Global Equities picked up. Stability above the 200-day average can result in a drop in volatility and offer long entry conditions with better defined chart patterns. Many benchmarks tested their 200-day averages. Stocks or indices that hold well in such environment will be the first ones to resume higher when momentum returns. Strong support area for ACWI ETF is between 110.45 and 106.96. Short-term resistance area is between 114.7 and 116.7. It has been a steep rebound and the ETF might consolidate last 2 week’s gains.

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GLOBAL EQUITY MARKETS – August 10, 2024

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REVIEW

The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) experienced a sharp pullback to its long-term average and rebounded. So far the price action can be analyzed as a reversion to the mean. Short-term corrections and consolidations are part of any strong uptrend and should be expected with this ETF as well. Volatility in Global Equities picked up. Stability above the 200-day average can result in a drop in volatility and offer long entry conditions with better defined chart patterns. Many benchmarks tested their 200-day averages. Stocks or indices that hold well in such environment will be the first ones to resume higher when momentum returns. Strong support area for ACWI ETF is between 104 and 106.65.

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CRYPTOCURRENCIES – August 4, 2024

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BTCUSD quickly recovered above 60K. Emphasizing the importance of focusing on the longer-term uptrend. Price is still above the year-long average and should be considered to be in an uptrend. ETHUSD re-tests the support at 2,800 levels. Possible rectangle with both boundaries well-defined. ETHBTC chart is challenging strong support area. While the long-term trading range remains between 0.05 and 0.08 levels, breakdown below the horizontal support can result in ETH underperformance.
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GLOBAL EQUITY MARKETS – August 3, 2024

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REVIEW

The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) is clearly above its long-term average and resuming the steady uptrend. Strong support area is between 110.45 and 112.6 levels. Short-term corrections and consolidations are part of any strong uptrend and should be expected with this ETF as well. This weeks continued weakness targeted the 200-day average around 106.54 levels. Volatility in Global Equities picked up. Many benchmarks are testing their 200-day averages or breaching support levels. Stocks or indices that hold well in such environment will be the first ones to resume higher when momentum returns.

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GLOBAL EQUITY MARKETS – July 27, 2024

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REVIEW

The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) is clearly above its long-term average and resuming the steady uptrend. Strong support area is between 110.45 and 112.6 levels. Short-term corrections and consolidations are part of any strong uptrend and should be expected with this ETF as well. Larger-scale correction can target the 200-day average around 106.25 levels. This week’s sharp pullback found support between 110.45-112.6 area.

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SPDR S & P INTERNATIONAL DIVIDEND ETF (DWX)

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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, select commodities, cryptocurrencies and global equity indices. Below chart, SPDR S & P INTERNATIONAL DIVIDEND ETF (DWX) is from the watchlist sections of the weekly report. The ETF is possibly forming 2 different H&S continuation chart patterns.

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CRYPTOCURRENCIES – July 21, 2024

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BTCUSD quickly recovered above 60K. Emphasizing the importance of focusing on the longer-term uptrend. Price is still above the year-long average and should be considered to be in an uptrend. ETHUSD re-tests the support at 2,800 levels. Possible rectangle with both boundaries well-defined. ETHBTC chart rebounded from strong support area. Strong monthly close in May kept the trading range between 0.05 and 0.08 levels.
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