GLOBAL EQUITY MARKETS – August 31, 2024
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) Read More
GLOBAL EQUITY MARKETS – August 24, 2024
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.
Read More
CRYPTOCURRENCIES – August 18, 2024
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. Read More
