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"Silence is one of the hardest arguments to refute."
--Josh Billings

Monday, March 12, 2012

What Moscow and March 12th Have in Common

Some facts on Moscow according to Wikipedia:
Below are two Daily charts of the Russian Index. After Monday's trading, price closed, once again, just above the 1700 major resistance level. Additionally, the 50 sma is nearing a Golden Cross above the 200 sma. However, as there are negative divergences on the RSI, MACD, and Stochastics indicators, it is not yet clear that 1700 will hold as support...a Global index worth watching over the coming days/weeks, since it is also one of the BRIC countries, which were the subject of my post on February 27th.

With respect to the BRIC indices, I would also note that a Golden Cross has occurred in the past couple of days on the Daily charts of India's Bombay Index and the Emerging Markets ETF (EEM)...also two to watch to see if this bullish moving average cross holds. China's Shanghai Index is still trading in a range in between the 50 and 200 smas (which are still in a bearish Death Cross formation)...I'll be watching to see what their Foreign Direct Investment numbers show when the data is released Tuesday night...the prior month's data released on February 15th showed a big drop into negative territory...another index to watch, particularly with respect to the latest data released last Friday night showing a huge drop in their Trade Balance for February, as mentioned in my post of March 10th.