In today’s briefing:
- Europe, MSCI ACWI Bullish Downtrend Reversals as Japan Tests Resistance; Tech, Health Care Buys
- XME and XLE Longs Meeting Targets
Europe, MSCI ACWI Bullish Downtrend Reversals as Japan Tests Resistance; Tech, Health Care Buys
- In last week’s Int’l Compass (July 21) we discussed positive signals that suggested the lows for this bear market may have already been established, or that downside is limited.
- But we also noted that various downtrends remained firmly intact, and that we needed to see indexes reverse their downtrends in order to get more constructive at the index level.
- It appears the bullish reversals have begun, as the SPX, MSCI ACWI (ACWI-US), and STOXX 600 are the first three major indexes to reverse topside their 4-month and YTD downtrends.
XME and XLE Longs Meeting Targets
- XME and XLE long bets outlined on July 18 are meeting targets to unwind/reverse with XME displaying intermediate potential out of a bull wedge formation.
- Weak buy volumes on this rise fit with it being corrective in nature (vulnerable bounce), calling for a fresh bear test into September.
- XME bull wedge brewing and 40 macro support stand out as a macro bull set up from September into year-end.
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