Tue 30th Sept
It is pretty quiet today with FX so I thought I would review some of the major global stock indices as the month/quarter comes to a close. Although, some USD weakness seems to be creeping in as I type but this may just be some end of month/quarter adjustment happening.
All of the major US stock indices are still holding above daily support trend lines. I know that they talk of the market in terms “up stairs and down by elevators” BUT I want to see confirmation of any bearish breakdown before giving up on this current bull run.
S&P500 daily: holding above the daily support trend line now for almost 2 years!
S&P500 daily Cloud: The Tenkan/Kijun lines are still fused. Watch for any new cross: bullish or bearish:
DJIA daily: also still above daily support:
NASDAQ monthly: above daily and monthly support BUT facing some stiff resistance:
Russell 2000: this US ‘small caps’ index is trading just above support. A break and hold below the 1,100 level would be bearish though:
TSX: Canada’s stock index has an important day of trading ahead of it. A close above 15,200, or even 15,000, would be a rather bullish signal. A close below 15,000 would be bearish though:
DAX weekly: Germany’s DAX still looks strong:
FTSE weekly: London’s FTSE is still within a bullish ascending triangle BUT trading down near support:
FDX weekly: this transport FEDEX stock is still signalling that all is ok for the time being:
IYT weekly: this transport ETF not showing any stress at the moment either:
USO weekly: the Oil ETF is still within the triangle but getting closer to the apex. Something will have to give here soon!
TLT weekly: I’ve been reading some commentary that is convinced US bonds are going to breakout higher. Their thinking here being that US interest rates may not rise as quickly as expected. I’m not seeing any sign of a bullish breakout just yet though:
TBT weekly: this is the double inverse of TBT above. So, once US interest rates rise, bond prices move lower but TBT, being double inverse of the bonds/TLT, moves higher. Got it? Correct me if I’m wrong here. Now, The $60 level looks kind of important heh!
HSI weekly: The Hang Seng Index is taking a bit of a beating given the current unrest in Hong Kong:
SENSEX monthly: India’s SENSEX has slowed this month but is still above a support trend line:
