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GLOBAL EQUITY MARKETS – October 26, 2019

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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) breached the  resistance at 74.8 levels. While the long-term chart pattern can be identified as a H&S continuation, the short-term chart pattern is possibly a rectangle. With ETFs and indices a breakout confirmation level of 1% can be sufficient.  I will take a daily close above 75.5 levels as a breakout confirmation. I monitor this ETF for another day of strength. Possible chart pattern price target for the rectangle stands at 79.6 levels.

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GERMANY MDAX and S&P SPDR 600 ETF

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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 and global equity indices. The report starts with a review section that highlights the important chart developments on global equity benchmarks. This blog post features from the review section two rectangle consolidations on Germany’s MDAX Index and S&P SPDR 600 Small Cap Growth ETF. Both chart patterns can act as bullish continuations.

Over the past few weeks I featured the tight consolidation that was taking place on Ishares MSCI Belgium ETF (EWK). The breakout took place with a strong weekly candlestick. There are several Global benchmarks that are stuck in a range and looking for direction. In this update I added the Germany’s mid-cap equities benchmark MDAX as well as S&P 600 Small Cap Growth ETF.

Both charts show the past few months well-defined consolidations. MDAX is now closer to the upper boundary of its consolidation. There has been several tests of the chart pattern  boundaries. I monitor 26.3K resistance for a possible breakout from the 6 month-long rectangle chart pattern. (Data as of October 22, 2019, 4:35 pm). It is important to note that price charts are shown on weekly scale and the last candlestick only contains two days of trading data.

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GLOBAL EQUITY MARKETS – October 19, 2019

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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) found resistance at the famous horizontal 74.8 resistance. It is now almost 2 year that the ETF has been trading below the strong resistance with several tests. The rebound from the 200-day average at 72.5 took place with a gap opening. If we see further consolidation and pullback the ETF can fill the gap between 73 and 73.6 levels. The ACWI ETF is still trading in a wide range and the strong resistance continues to remain at 74.8 levels. Only after a breakout above the strong horizontal resistance we will conclude the completion of a multi-month long bullish chart pattern. The right shoulder of a possible H&S continuation is now well-defined and can be labelled as a rectangle.

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GLOBAL EQUITY MARKETS – October 12, 2019

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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) rebounded strong from the support area formed by the horizontal minor support and the 200-day moving average between 72.25 and 72.5 levels. The weekly close was close to the multi-month long resistance at 74.8 levels. The ETF is still trading in a wide range and the strong resistance continues to remain at 74.8 levels. Only after a breakout above the strong horizontal resistance we will conclude the completion of a multi-month long bullish chart pattern. The right shoulder of a possible H&S continuation is now well-defined and can be labelled as a rectangle.

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GLOBAL EQUITY MARKETS – October 5, 2019

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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) filled the gap between 72.5 and 73.5 area. Both the 200-day moving average and the minor high are formed support around 72.25 and 72.5 levels. The weekly close was off the lows suggesting buyers stepped in around the 200-day moving average. The ETF is still trading in a wide range and the strong resistance continues to remain at 74.8 levels. Only after a breakout above the strong horizontal resistance we will conclude the completion of a multi-month long bullish chart pattern.

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