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GLOBAL EQUITY MARKETS – April 6, 2019

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REVIEW

The benchmark for Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) continues to remain strong. The ETF had a strong rebound from support at 63 levels and since then the uptrend resumed without any significant setback. In February the ETF cleared its 200-day moving average and continues to trend above its long-term average. In the short-term horizontal resistance at 74.8 levels can act as an overhead supply. Strong support is the 200-day average at 70.3 levels.

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SPAIN IBEX 35 INDEX

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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 and emerging 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 one of several great chart analysis that were highlighted in the review section from the latest Global Equity Markets report.

It has been a volatile week for Spanish politics and the country's financial assets. Spain's IBEX 35 index has been trending lower since May 2017. The downtrend in the short-term formed a well-defined trend channel. During last week's sell-off, the index rebounded from the lower boundary of the trend channel. There is no classical chart pattern that would suggest that index is finding a bottom or another chart pattern development that would signal further downside. However, two interesting candlestick patterns drew my attention which I find worth mentioning.

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ITALY MIBTEL & SPAIN IBEX 35

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ITALY FTSE MIBTEL INDEX II

SPAIN IBEX 35 INDEX II

Since July 2012 both indices respected their 50-day moving averages. Over the past 5 months MIBTEL and IBEX 35 rebounded twice from their 50-day moving averages. Given that the latest uptrends formed clear trend channels with their lower boundaries overlapping with the 50-day moving averages, we can conclude that any breakdown below these critical support levels could deepen the short-term corrections. Until we see a violation of the current uptrends, we should expect both indices to move higher with 18,500 levels acting as support for Italy’s MIBTEL and 9,500 levels for Spain’s IBEX 35.

ITALY MIBTEL & SPAIN IBEX 35

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ITALY FTSE MIBTEL INDEX

European equities recover from the bear market by first clearing their 200-day moving averages and then by breaking to new high levels. Two indices that have shown considerable strength over the past few months are Italy’s MIBTEL and Spain’s IBEX 35. Italy FTSE MIBTEL started gaining momentum after the breakout above 17,700 levels. Uptrend is intact and the index just completed a minor consolidation in the larger scale uptrend. We can expect the index to resume its uptrend in the following weeks.

SPAIN IBEX 35 INDEX

Spain’s IBEX 35 index gained strength after breaking out of its year-long sideways consolidation at 8,800 levels. Similar to Italy’s MIBTEL index, Spain’s IBEX 35 just completed a minor sideways consolidation which is expected to be part of a larger scale uptrend. Both indices have positive technical outlook and should target higher levels in the following months.