GLOBAL EQUITY MARKETS – November 4, 2023
REVIEW
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) had an impressive rebound towards the 200-day average. Sharp rebound from 90 levels left few gaps that might get filled in the next few trading sessions. With the recovery above the 200-day average, I will start monitoring the chart with a bullish perspective. One possibility is that the ETF can pullback to fill the gaps and form the right shoulder of a short-term bottom reversal. Breach of a 200-day moving average both on the upside and on the downside is not a trading signal for me. I would like to see a classical chart pattern completion. The ETF can resume higher without any pullback. In that case I will continue to take breakout signals on single equities.
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CRYPTOCURRENCIES – October 29, 2023
Bullish outlook on BTCUSD remains intact. Price cleared the resistance at 31.4K which now becomes a strong support. H&S bottom reversal which had the neckline at 25K met its price objective at 34K. A possible rectangle might be in play with the price target of 38K. ETHUSD chart is possibly morphing with a possible channel on daily scale price chart. Read More
GLOBAL EQUITY MARKETS – October 28, 2023
REVIEW
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) failed to recover above 93 levels which is now resulting in further weakness below the long-term average. Minor low at 90.2 broke down. Resistance area is between 90.2 and 92.77 levels. Before we see a recovery above the 200-day average, I will monitor Global Equity benchmark with a bearish view, possibly entering into a larger scale correction. The low of the right shoulder will act as the chart pattern negation level for the 10 month-long H&S bottom.
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