The Major Markets Index ($XMI) has plunged back into a long-term uptrending Andrew's Pitchfork channel after its January breakout failed to hold, as shown on the monthly chart below.
It may be headed back to its next major support level and channel median around 2250. Its momentum indicator uptrend has been broken and is hinting of further weakness ahead on this timeframe. If it does hit 2250 and momentum drops below zero, it could decline further to the next major support level around 2150.
No doubt, further weakness on this index would drag US equities lower.
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.
* In answer to this often-asked question, please be advised that I do not post articles from other writers on my site.
* 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...
* 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...