GLOBAL EQUITY MARKETS – October 28, 2017
REVIEW
The XAU is a capitalization-weighted index of thirty precious metal mining companies that has been traded on the Philadelphia Stock Exchange since 1983. As its name suggests it includes both gold and silver mining companies. In order to track gold and silver mining companies performance in an index there are several options available for investors, but the two most watched indices are: the NYSE Arca Gold BUGS (Basket of Unhedged Gold Stocks) Index (called the HUI Index) and Philadelphia Gold and Silver Index (called the XAU Index). Below chart features the Philadelphia Gold and Silver Index. Also this week's report highlights several great bearish chart setups on Silver mining equities and ETFs.
Over the past 10 months the Philadelphia Gold and Silver Index has been in a sideways consolidation. The index is possibly forming a symmetrical triangle that can act as a bearish continuation chart pattern. Several bearish chart setups in the junior mining companies and ETFs suggest that mining stocks can come under selling pressure in the following weeks. The lower boundary of the 10 month-long symmetrical triangle stands at 80.3 levels. This week's price action reached the lower boundary of the possible symmetrical triangle. I will monitor the strong support at 80.3 in the following weeks. A breakdown of the multi-month consolidation can result in a downward trend on the XAU index.
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GLOBAL EQUITY MARKETS – October 21, 2017
REVIEW
This was another week of strong global equity market performance. Benchmark for the global equity market performance, the MSCI All Country World Index ETF (ACWI.O) remains in an uptrend above its 19 month-long trend support. Both the long and short-term charts are showing steady uptrend for the ACWI. At this point there is no clear chart pattern that would suggest a reversal of the strong uptrend.
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GLOBAL EQUITY MARKETS – October 14, 2017
REVIEW
India equity benchmarks have been in a steady uptrend. For the past few months the BSE Sensex index and other equity benchmarks has been in a sideways consolidation. These short-term consolidations can prove to be bullish continuation chart patterns if resolved on the upside. On the long-term chart of BSE Sensex Index, 30K levels continue to form strong support. Long-term uptrend remains intact. Below I featured some of the bullish chart setups on India equity ETFs that are listed on the Nasdaq and New York Stock Exchange.
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