* See UPDATES below...
It would appear that the World Market Index is heading towards 1600 or lower, as we now have new "sell" signals on all 3 indicators on the Daily chart below.
As I mentioned in my post of June 8, 2015, the Shanghai and Nikkei Indices likely hold the key to its fate.
* UPDATE Jan. 7th: 1600, essentially, reached today...price closed at its low of the day. A drop and hold below that level would likely spark U.S. markets to accelerate this week's plunge.
We'll see what Asian markets do over the next few days...Japan's Nikkei Index is -6.65% and China's Shanghai Index is -11.7%, so far, this week, while the S&P 500 Index is -4.93%.
* UPDATE Jan. 8th: 1600 was breached today...price closed below at its low of the day.
The following 5-day comparison chart shows the Dow 30 as the black line at 0.0% (the baseline)...we can see from this that the SPX outperformed the Dow this week. while the NDX underperformed, and the RUT performed the worst. Even if Small-caps continue their weakness next week, we'll need to see weakness ramp up in Large-caps and continue in Technology, if markets are truly in trouble at this point. Otherwise, we may see a dead-cat bounce for awhile, until the plug is pulled in China, once and for all.
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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Mon. Feb. 18 ~ U.S. Markets Closed for Presidents' Day
* Wed. Feb. 20 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Thurs. Feb. 21 @ 3:30 am ET ~ German Flash Manufacturing PMI (watch for a hold below 50)...N.B. Jan. 24 PMI came in at 49.9 (now in contraction mode)
* Tues. Feb. 26 @ 8:30 am ET ~ Core Retail Sales Ex Autos m/m & Retail Sales m/m
* Wed. Mar. 6 @ 2:00 pm ET ~ Beige Book Report
* Fri. Mar. 8 @ 8:30 am ET ~ Employment Data
* Tues. Mar. 12 @ 8:30 am ET ~ MoM & YoY CPI & Core CPI Data
* Wed. Mar. 20 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts and @ 2:30 pm ET ~ Fed Chair Press Conference
*** Click here for link to Economic Calendars for all upcoming events
NOTABLE POSTS WITH IMPORTANT UPDATES...