   |
|||
Global indexesJack Chan Here is our monthly update on global indexes for our international investors.
$SPX – sell signal in January 2008 ended the buy signal of May 2003. Prices testing the 200ema resistance. ***
$TSX – on sell signal. Prices closed above TL resistance this month, waiting for MACD to confirm a new buy signal. The fact that prices bounced off 200ema support is long term positive. ***
Australia is on sell signal. Prices have bounced firmly from the 200ema support which is long term positive. ***
Brazil is on sell signal. ***
India is back on a buy signal. ***
France is on sell signal. ***
Germany is on sell signal, but prices closed above TL resistance this month, waiting for MACD to confirm a new buy signal. ***
London is on sell signal. Prices closed above TL resistance this month, waiting for MACD to confirm a new buy signal. ***
Hong Kong is back on a buy signal this month. Prices bounced firmly off 200ema support which is long term positive. ***
Tokyo is on sell signal, but MACD has turned positive, needs a monthly close above TL resistance to confirm a new buy signal. Notice the config is bearish which is long term negative. ***
Shanghai is back on buy signal. There has been no TL support up and no TL resistance established down, and it is the same this time. This is obviously a hot market where there is little or no corrections/pullbacks from a long term perspective, which makes it difficult for small investors to get in or out, and therefore, quite a challenge for risk management. ***
Philippines is back on a buy signal. ***
Taiwan’s TL resistance is relatively flat but MACD has turned positive this month. Summary Some of the global indexes are back on major buy signals this month, earlier than we expected. If these signals are correct, others will follow soon. Investors in countries with new buy signals can begin accumulating positions using the shorter time frame signals and set ups. Despite the sharp rebound this year, most global indexes are still down considerably from the major sell signals, and down substantially from the recent tops. Therefore, risk is now much more manageable for long term investors who were able to raise cash thus having the freedom and opportunity to begin accumulating positions over the next few months. Disclosure End of update Jul 31, 2009 321gold Ltd |
