I last wrote about the World Market Index on August 30.
Since then, price did retest (and break above) the 1950 major resistance level to make a new three-year high, as shown on the Daily chart below. It closed just above that level on Friday.
Notwithstanding this year's push higher (once it broke above above the prior year's congestion zone), the RSI, MACD, and PMO technical indicators have failed to make a series of higher swing highs since mid-May...suggesting that market enthusiasm is waning in world markets, in general.
From the following Year-to-date percentages gained/lost graphs, you can see, at a glance, which major world markets are leading and which are lagging.
Of particular note, in terms of weakness, so far this year, Canada, London, Australia, Japan, Ireland, Russia, China, and the U.S. Russell 2000 Index lead the pack.
We'll see if those laggards begin to gain support soon, and whether the leaders continue to make gains to, ultimately, cause higher swing highs on the above-referenced technical indicators, if we see a retest of the next resistance level of 2000 on the World Market Index. If so, we may see world markets gain strength to push even higher to new five-year highs.
No doubt, world traders will be interested in the Fed's economic forecast and the Chair press conference following this Wednesday's interest rate decision, along with the results of their subsequent meetings in November and December...so, we'll see whether world markets react significantly, one way or other, this week, or not.
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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
* 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.
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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 VENTS...
* Wed. May 1 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts and @ 2:30 pm ET ~ Fed Chair Press Conference
* Fri. May 3 @ 8:30 am ET ~ Employment Data
* Fri. May 10 @ 8:30 am ET ~ MoM & YoY CPI & Core CPI Data
* Wed. May 15 @ 8:30 am ET ~ Core Retail Sales & Retail Sales
* Wed. May 22 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Thurs. May 23 @ 3:30 am ET ~ German Flash Manufacturing PMI (watch for a hold below 50)...N.B. Jan. 24 PMI came in at 49.9, Feb. 21 PMI came in at 47.6, Mar. 22 came in at 44.7 & Apr. 18 came in at 44.5 (contraction mode deepens!)
* Wed. May 29 @ 2:00 pm ET ~ Beige Book Report
*** Click here for link to Economic Calendars for all upcoming events
NOTABLE POSTS WITH IMPORTANT UPDATES...
"Why does history keep repeating itself? Because we weren't listening the first time." ~~ Author Unknown
"If a fool and his money are soon departed, how did the fool get his money in the first place?" ~~ Author Unknown