Daily Commentary. Developed Markets

Transcription

1 Daily Commentary Seattle Technical Advisors.com Ed Carlson, CMT Developed Markets US Equities were cast down upon the rocks on Monday giving up most (but not all) of Friday s gains; SPX -8.02, DJIA , and NASDAQ Equities closed inside the pennant formation. A close below 1,943 (SPX) today will trigger the pennant and be our sell-signal. Merrill Lynch reports that macrothemed hedge funds are net short for the first time in over a year. Sentiment was back into bearish territory last week but without a bounce it cannot be described as a positive divergence. NASDAQ gave up 0.34% to close at 4,805 and continues to trade within last Wednesday s engulfing bearish candlestick. Volume in the ETF, QQQ, has reached the level of complacency seen at past market tops. 9/15/2015 The leading authority in Lindsay market analysis Page 1

2 EuroStoxx 50 lost 0.19% to close at 3,188 at the bottom of its own pennant formation; confirmed sellmode. Cycles call for a high late last week or early this. Resistance is at 3,275. Sentiment was back into bearish territory last week but without a bounce it cannot be described as a positive divergence. Emerging Markets MSCI Emerging Markets (EEM) slipped 0.15% to close at unable to break through its declining trendline and still within last Wednesday s engulfing bearish candlestick (bears have the advantage). Look for a cycle high near Sept 14 (same as NASDAQ). 9/15/2015 The leading authority in Lindsay market analysis Page 2

3 Shanghai Composite (SSEC) fell 2.67% and closed at 3,115 seemingly unable to challenge resistance at 3,385. Elliott wave appears to call for one final leg down. Sentiment did get the bounce required to call a positive divergence. This is bullish but it didn t matter on Monday. US Treasuries TNX relinquished 0.14% to close at remaining above the 30-dma. A cycle high was due last week. Relative strength looks weak. Sentiment is neutral. 9/15/2015 The leading authority in Lindsay market analysis Page 3

4 Currencies US Dollar added 0.18% to close at A 40wk cycle low is due in mid/late-sept and all three Coppock Curves are rising; bullish. Euro lost 0.35% to close just above its 200-dma at Look for a high at the same time the dollar makes its cycle low this month. Resistance is near Sentiment is neutral. 9/15/2015 The leading authority in Lindsay market analysis Page 4

5 Commodities Crude Oil lost $0.63/bbl. to close at $44.00 on the 34-dma. Expect resistance near A breakout from the triangle above measures a minimum move to but cycles point to a low near Oct 1. Sentiment is neutral. Gold added $4.40 to close at $1, still inside last week s engulfing bearish candlesticks (advantage bears). BWI confirms the decline. A cycle low is expected during the first week of October. Sentiment is neutral. 9/15/2015 The leading authority in Lindsay market analysis Page 5

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