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The Dow Jones Industrial Average and the S & P 500 Index continue to show positive but over-bought weekly charts, with the Dow remaining a "bulging parabolic bubble." Weekly closing under the respective values of 26,085 and 2,880.45, this results in a weekly degradation of the graph.
NASDAQ Composite downgraded to negative and the Dow Jones Transportation Average has been downgraded to neutral.
The Russell 2000 ended in September with a negative weekly chart and last week's dip saw the small cap average test its 200-day simple moving average at 1,618.99.
Abroad, Japan's Nikkei 225 closed last week with a positive but overbought weekly chart, reaching a new high in 2018 (24,448.07) on 2 October. This index is therefore well above its Fibonacci retracement of 50% to 22,967 of its huge decline since the end of 1989.
The Shanghai Composite of China ended September with a positive weekly chart, but the index is still in bearish territory, 21.3% lower than its peak of 3 587.03 set in 2018 on January 29th. The Chinese market was closed last week for holidays. Monday's drop of nearly 3% puts the index below the modified 2773 moving average over five weeks.
The Indian Nifty 50 was in a swollen parabolic bubble when it hit its all-time high of 11,760.20 on August 28th. This bubble burst and last week the index fell below its simple 200-day moving average on Thursday and ended last week in corrected territory, 12.3% below the maximum. From a bubble to a correction in just five weeks!
The German Deutsche Boerse DAX index ended last week with a neutral weekly chart and in correction territory 10.9% under its highest peak of 23 January.
Scorecard for the main averages of actionsGlobal Marker = t Consultants
the Dow Jones Industrial Average (26,447.05 October 5) set its new historic high of 26,951.81 on 3 October. My annual, semi-annual, and monthly values are 24,666, 24,323, and 24,135, respectively, with weekly and quarterly risky levels of 27,041 and 28,401, respectively. To be up 20% from 2018, the Dow is expected to trade above 28,013.
the S & P 500 Index (2,885.47 on October 5) set its historic high in all days at 2,940.91 on September 21st. My annual, monthly and semi-annual value levels are 2,769.1, 2,725.6 and 2,714.9 respectively, with weekly and quarterly risk levels of 2,948.5 and 3,032.9, respectively. To be up 20% from its 2018 low, the S & P should trade above 3,039.23.
the Nasdaq Composite (7,788.45 on October 5) set an unrivaled record of 8,133.30 on Aug. 30. My monthly, semi-annual, and annual value levels are 7.751, 7.374, and 6.928, respectively, with weekly and quarterly risk levels of 8.026 and 8.343, respectively. The Nasdaq must return above 7,956.80 to return to the rising market.
the Dow Jones Transportation Average (11,206.77 on October 5) set its historic high on a day of 11,623.58 on 14 September. My monthly and semi-annual values are 10,681 and 10,050 respectively, with an annual pivot of 11,401 and weekly and quarterly risk levels of 11,589 and 12,310, respectively. To be up 20% from its lowest level of 2018, transport is expected to trade above 11,768.15.
the Russell 2000 (1,632.11 October 5) set its historic high of 1,742.09 on Aug. 31. My semi-annual value level is 1,549.40 with my annual, monthly, weekly and quarterly risk levels of 1,664.90, 1,683.94, 1,705.95 and 1,804.00, respectively. To return to the bull market and increase 20% from its 2018 low, the Russell 2000 must return above 1,723.72.
the Nikkei 225 (23,783.72 October 5), the maximum reached in 2018 is 24,448.07 on October 2. My monthly and annual values are 22,269 and 22,009 respectively, with semi-annual and quarterly risky levels of 24,575 and 26,478, respectively.
the Composite of Shanghai (2,716.51 on October 8) remains in bearish territory, 24.3% lower than its peak of 3 587.03 for 2018 set at 29 January. My annual and monthly value levels are 2,475 and 2,452, respectively, with my quarterly and semi-annual risk levels of 3,181 and 4,458, respectively.
the Nifty 50 (10,348.05 on October 8th) is 12% lower than the record high of 11,760.20 on August 28th of the same day. My annual value level is 10,009 with monthly, semi-annual and quarterly risk levels of 10,682, 10,733, 10,682 and 11,364, respectively.
the German DAX (12.111.90 on October 5) is 10.9% lower than its peak of 20196 of 13,596.89 set on January 23, 2011. My monthly value is 11,636 with semi-annual, annual and quarterly risk levels of 12,947, 13,563 and 14,103 , respectively.
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(photo: Getty royalty-free images)
The Dow Jones Industrial Average and the S & P 500 Index continue to show positive but over-bought weekly charts, with the Dow remaining a "bulging parabolic bubble." Weekly closing under the respective values of 26,085 and 2,880.45, this results in a weekly degradation of the graph.
NASDAQ Composite downgraded to negative and the Dow Jones Transportation Average has been downgraded to neutral.
The Russell 2000 ended in September with a negative weekly chart and last week's dip saw the small cap average test its 200-day simple moving average at 1,618.99.
Abroad, Japan's Nikkei 225 closed last week with a positive but overbought weekly chart, reaching a new high in 2018 (24,448.07) on 2 October. This index is therefore well above its Fibonacci retracement of 50% to 22,967 of its huge decline since the end of 1989.
The Shanghai Composite of China ended September with a positive weekly chart, but the index is still in bearish territory, 21.3% lower than its peak of 3 587.03 set in 2018 on January 29th. The Chinese market was closed last week for holidays. Monday's drop of nearly 3% puts the index below the modified 2773 moving average over five weeks.
The Indian Nifty 50 was in a swollen parabolic bubble when it hit its all-time high of 11,760.20 on August 28th. This bubble burst and last week the index fell below its simple 200-day moving average on Thursday and ended last week in corrected territory, 12.3% below the maximum. From a bubble to a correction in just five weeks!
The German Deutsche Boerse DAX index ended last week with a neutral weekly chart and in correction territory 10.9% under its highest peak of 23 January.
Scorecard for the main averages of actionsGlobal Marker = t Consultants
the Dow Jones Industrial Average (26,447.05 October 5) set its new historic high of 26,951.81 on 3 October. My annual, semi-annual, and monthly values are 24,666, 24,323, and 24,135, respectively, with weekly and quarterly risky levels of 27,041 and 28,401, respectively. To be up 20% from 2018, the Dow is expected to trade above 28,013.
the S & P 500 Index (2,885.47 on October 5) set its historic high in all days at 2,940.91 on September 21st. My annual, monthly and semi-annual value levels are 2,769.1, 2,725.6 and 2,714.9 respectively, with weekly and quarterly risk levels of 2,948.5 and 3,032.9, respectively. To be up 20% from its 2018 low, the S & P should trade above 3,039.23.
the Nasdaq Composite (7,788.45 on October 5) set an unrivaled record of 8,133.30 on Aug. 30. My monthly, semi-annual, and annual value levels are 7.751, 7.374, and 6.928, respectively, with weekly and quarterly risk levels of 8.026 and 8.343, respectively. The Nasdaq must return above 7,956.80 to return to the bull market.
the Dow Jones Transportation Average (11,206.77 on October 5) set its historic high on a day of 11,623.58 on 14 September. My monthly and semi-annual values are 10,681 and 10,050 respectively, with an annual pivot of 11,401 and weekly and quarterly risk levels of 11,589 and 12,310, respectively. To be up 20% from its lowest level of 2018, transport is expected to trade above 11,768.15.
the Russell 2000 (1,632.11 October 5) set its historic high of 1,742.09 on Aug. 31. My semi-annual value level is 1,549.40 with my annual, monthly, weekly and quarterly risk levels of 1,664.90, 1,683.94, 1,705.95 and 1,804.00, respectively. To return to the bull market and increase 20% from its 2018 low, the Russell 2000 must return above 1,723.72.
the Nikkei 225 (23,783.72 October 5), the maximum reached in 2018 is 24,448.07 on October 2. My monthly and annual values are 22,269 and 22,009 respectively, with semi-annual and quarterly risky levels of 24,575 and 26,478, respectively.
the Composite of Shanghai (2,716.51 on October 8) remains in bearish territory, 24.3% lower than its peak of 3 587.03 for 2018 set at 29 January. , respectively.
the Nifty 50 (10,348.05 on October 8th) is 12% lower than the record high of 11,760.20 on August 28th of the same day. My annual value level is 10,009 with monthly, semi-annual and quarterly risk levels of 10,682, 10,733, 10,682 and 11,364, respectively.
the German DAX (12.111.90 on October 5) is 10.9% lower than its peak of 20196 of 13,596.89 set on January 23, 2011. My monthly value is 11,636 with semi-annual, annual and quarterly risk levels of 12,947, 13,563 and 14,103 , respectively.
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