[Last weekly analysis]. This week the market has risen from the ashes and bounced back up.
Overview of World Markets and Sectors
All markets start to consolidate or bounce back up a little bit, while the emerging market is still ahead of all others.
The next chart shows the MSCI World/EAFE/Emerging Market, Shanghai Stock Exchange Composite Index, Hang Seng Index, and Nikkei 225 index. Nothing really interesting.
Major indices, commodities, and US dollar are shown in the next chart. All markets are doing well, especially the crude oil starts to look attractive.
Sector overview chart. Notice that XLF, XLK, XLI, and XLB went up on decreasing volume, and closed with a black candle. Over the short term, these sectors look bearish.
SPX
The wave 3 of (5) has completed in the last week. Now wave 4 of (5) has started.
On the hourly chart, it seems the wave A of 4 has probably completed. The preliminary target of wave B will be around 725 or lower.
No update to the P&F chart.
XLF and SKF
SKF has found a short-term bottom and should go up in the next week.
Currency Futures and Forex
US dollar index: The trend is down, however a rebound is due.
USD/SGD: downtrend in the intermediate term.
USD/CAD: downtrend
Commodities
Crude oil: the intermediate term bottom has in place. Buy on dip.
Gold: short-term uptrend
1 comment:
Great analysis. Many thanks to you for sharing your hard work.
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