INTERIM UPDATE – September 14, 2020
Dear Tech Charts members, I'm adding 3 more breakout ideas to the Americas section of the report. I will cover those in the upcoming weekly report as well.
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GLOBAL EQUITY MARKETS – September 12, 2020
REVIEW
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) experienced its first setback after a lengthy uptrend. I've adjusted the boundary of the trend channel in order to focus on the latter stages of the uptrend. The ETF had difficulty to rebound from last week's sell-off. Close to the end of this week, ACWI ETF tested last week's lows. The daily price chart might be forming a short-term H&S top with this week's price action completing the right shoulder. The neckline is at 79.25 levels. Breakdown below 79.25 levels can extend the correction towards the 200-day average at 74.9 levels. A breach above the high (81.3) of the right shoulder will result in a H&S failure and will suggest higher levels. Please note that this is a short-term chart pattern and the shorter -term the chart pattern the more prone it is to failure or morphing (eventually becoming part of a larger scale chart pattern).
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INTERIM UPDATE – September 11, 2020
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 latest additions to Tech Charts watchlist in case they experience breakouts in the last day of the week. These charts will also be included in the weekly update. (Data as of September 11, 2020, CET 07:45 AM)
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