Week 42 Global Markets Trending and Performance
Here is how the Global Markets are trending as of end of last week. Most markets are trending in lockstep with the US S&P 500 markets. China, Hong Kong, Singapore and Taiwan continue to underperform. Brazil continues to outperform.
Australia EWA price crossed over its 10-day and 20-day moving average similar to the US S&P 500 markets.
Canada EWC price crossed over its 10-day and 20-day moving average similar to the US S&P 500 markets.
Germany EWG price turned short-term bullish.
Hong Kong EWH continues to trend perfectly bearish.
Japan EWJ price crossed over its 10-day moving average.
Malaysia EWM price crossed over its 10-day and 20-day moving average similar to the US S&P 500 markets.
France EWQ price turned short-term bullish.
Singapore EWS continues to trend perfectly bearish.
Taiwan EWT price crossed over its 10-day moving average.
United Kingdom EWU price turned short-term bullish. Interesting as this is despite all the political and economic troubles in the UK.
Mexico EWW price turned short-term bullish. Also, the price has crossed over its 50-day moving average.
South Korea EWY price turned short-term bullish.
Brazil looks like the strongest market from a trending perspective. It is short-term bullish, and its price is above both the 50-day and the 200-day moving averages.
Eurozone EZU price turned short-term bullish.
China FXI continues to trend perfectly bearish.
India INDA price crossed over its 10-day and 20-day moving average similar to the US S&P 500 markets.
Here is the performance for the Global Markets. We can see the outperformance of Brazil and the underperformance of China, Hong Kong, Singapore, Taiwan, South Korea and Japan.
Also note that like the US markets, we have an up week after 5 straight down weeks. (This table is not shown here). So, that is not very comforting as it could just be a sympathy bounce. Also, volatility remains high.
Observations:
So far, 7 out of the 16 Global Markets have turned short-term bullish. That is a healthy sign. However, we have seen this short-term bounce before, and we want to see if this turns into a meaningful upswing.
Australia and Canada move in tandem. France and Germany also move in tandem - although YTD Germany is down more.
China, Singapore, Taiwan and Hong Kong also move mostly in tandem.
Mexico and India have done less worse than the other Global Markets this year.