GLOBAL EQUITY MARKETS – August 10, 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 rebounded. So far the price action can be analyzed as a reversion to the mean. Short-term corrections and consolidations are part of any strong uptrend and should be expected with this ETF as well. Volatility in Global Equities picked up. 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 104 and 106.65.
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CRYPTOCURRENCIES – August 4, 2024
BTCUSD quickly recovered above 60K. Emphasizing the importance of focusing on the longer-term uptrend. Price is still above the year-long average and should be considered to be in an uptrend. ETHUSD re-tests the support at 2,800 levels. Possible rectangle with both boundaries well-defined. ETHBTC chart is challenging strong support area. While the long-term trading range remains between 0.05 and 0.08 levels, breakdown below the horizontal support can result in ETH underperformance. Read More
GLOBAL EQUITY MARKETS – August 3, 2024
REVIEW
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) is clearly above its long-term average and resuming the steady uptrend. Strong support area is between 110.45 and 112.6 levels. Short-term corrections and consolidations are part of any strong uptrend and should be expected with this ETF as well. This weeks continued weakness targeted the 200-day average around 106.54 levels. Volatility in Global Equities picked up. Many benchmarks are testing their 200-day averages or breaching support levels. Stocks or indices that hold well in such environment will be the first ones to resume higher when momentum returns.
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