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HEAD & SHOULDER TOP

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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 2 head and shoulder top chart patterns from Developed and Emerging market equities.

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GLOBAL EQUITY MARKETS – January 5, 2019

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REVIEW

The iShares MSCI All Country World Index ETF (ACWI.O) had another strong weekly close thanks to the Friday's price action. I'm analyzing the latest strength as a rebound in a downtrend. 63 levels remains as the strong support level. Previous support that was breached on the downside will act as resistance at 66.3 levels.

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GLOBAL EQUITY MARKETS – December 29, 2018

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Dear Tech Charts members,

One more year is behind us. In the beginning of every year I wish health for family members, friends and their loved ones. Tech Charts community has become a family. I wish all of you a healthy New Year. I hope the new year brings new hopes and aspirations along with the zeal and courage to keep up with those commitments. Wish you all the best.

Kind regards,

REVIEW

Global equity markets performance as measured by the iShares MSCI All Country World Index ETF (ACWI.O) rebounded from oversold levels. In the time frame I analyze price charts (daily, weekly and monthly) from a classical charting perspective there is no clear sign of reversal. V bottoms can take place and they are usually difficult to anticipate and analyze. My best guess is that we see some sort of consolidation after December's sharp sell-off. The consolidation can result in a re-test of previous lows. We will be able to tell as we get new evidence (data points) from the markets. For now I can say that the ACWI ETF (ACWI.O) stabilized around the support at 63 levels. Strong resistance stands at 66.3 levels. The ETF is trading below its long-term average and is in a steady downtrend.

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GLOBAL EQUITY MARKETS – December 22, 2018

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REVIEW

Global equity markets performance as measured by the iShares MSCI All Country World Index ETF (ACWI.O) broke down the 3 month-long sideways consolidation by breaching the support at 66.3 levels. Breakdown was followed by a sharp drop towards the next support level at 63 levels. Nothing good happens below the 200-day moving average. Back in October the long-term trend following indicator alerted us to the change in trend. Previous support becomes the new resistance. 66.3 levels will act as short-term resistance if markets experience any rebound. In the short-term, there is no chart pattern that would signal a trend reversal.

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