Further to my post of May 27th, the fireworks have begun...see the updated Daily chart below of the World Market Index, as of today's close.
1900 was major support, which has been broken...watch for a potential drop to 1600 or lower, as mentioned in my UPDATE of May 22nd (noted in my original post of March 5th).
However, watch out for a possible bear trap...anywhere between 1850 and 1875...the RSI should stay below the 50 level to confirm that bears are in control.
I will say that it is interesting that this index has fallen, in spite of the dizzying heights reached by China's Shanghai Index and Japan's Nikkei Index...note the negative-diverging indicators on the following 2 Daily charts. If we see blow-off tops occur in these, we just may, in fact, see the World Market Index drop to 1600...rather quickly.
We may see an early indication of such bearish action play out in the currency markets...the U.S. $ is sitting just above major support at 95.00, as shown on the last Daily chart...watch for the RSI to move back above the 50 level as an indication that bulls are back in this trade.
Welcome and thank you for visiting!
The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.
DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...
UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Wed. May 23 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Mon. May 28 ~ U.S. markets closed for Memorial Day Holiday
* Wed. May 30 @ 2:00 pm ET ~ Beige Book Report
* Fri. June 1 @ 8:30 am ET ~ Employment Data
* Tues. June 12 @ 8:30 am ET ~ MoM & YoY CPI & Core CPI Data
* Wed. June 13 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts + @ 2:30 pm ET ~ Fed Chair Press Conference
* Tues. July 3 ~ U.S. markets close early at 1:00 pm ET
* Wed. July 4 ~ U.S. markets closed for Independence Day Holiday
* Wed. Aug. 1 @ 2:00 pm ET ~ FOMC Announcement
* Mon. Sept. 3 ~ U.S. markets closed for Labour Day Holiday
*** Click here for link to Economic Calendars for all upcoming events
IMPORTANT BLOG POST UPDATES...
* JCPOA - Will President Trump recertify the JCPOA on May 12?...stay tuned...May 8 the answer is "No"...US pariticipation in the deal
is scrapped...new sanctions coming for Iran and, possibly, for nations supporting Iran.