* 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...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex
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UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Wed. Sept. 26 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts and @ 2:30 pm ET ~ Fed Chair Press Conference
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* Wed. Oct. 17 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Wed. Oct. 24 @ 2:00 pm ET ~ Beige Book Report
* Tues. Nov. 6 ~ U.S. Midterm Elections
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*** Click here for link to Economic Calendars for all upcoming events
IMPORTANT BLOG POST UPDATES...
* Trade Wars have escalated and now include diplomatic wars PLUS President Trump is cannibalizing prior U.S. market gains with his tariff tantrums against its world trading partners, while destabilizing a delicate world market balance