Daily BriefsUtilities Sector

Daily Brief Utilities: TSE Tokyo Price Index TOPIX and more

In today’s briefing:

  • U.S., Europe, and Japan Still Holding Below Resistance; Favor Defensives


U.S., Europe, and Japan Still Holding Below Resistance; Favor Defensives

By Joe Jasper

  • Major indexes in the three largest global equity markets (U.S., Europe, Japan) all remain below critical resistances of 5783 on SPX, 5000-5120 on EURO STOXX 50, and 2740-2820 on TOPIX
  • Additionally, broad global MSCI indexes (local currency) including the ACWI, ACWI ex-U.S., and EAFE all remain at/below resistance from their YTD highs; reduce exposure or shift to defensives.
  • In late-July we discussed expectations for a 1-to 4-month pullback/consolidation period on MSCI ACWI. We believe it seems likely to last closer to four months, and potentially 4- to 6-months

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