• 346 days Will The ECB Continue To Hike Rates?
  • 346 days Forbes: Aramco Remains Largest Company In The Middle East
  • 348 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 748 days Could Crypto Overtake Traditional Investment?
  • 753 days Americans Still Quitting Jobs At Record Pace
  • 755 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 758 days Is The Dollar Too Strong?
  • 758 days Big Tech Disappoints Investors on Earnings Calls
  • 759 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 761 days China Is Quietly Trying To Distance Itself From Russia
  • 761 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 765 days Crypto Investors Won Big In 2021
  • 765 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 766 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 768 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 769 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 772 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 773 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 773 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 775 days Are NFTs About To Take Over Gaming?
Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

  1. Home
  2. Markets
  3. Other

Broad US and Global Stock Markets (NFTRH174 Excerpt)

Excerpted from the February 12 edition of Notes From the Rabbit Hole, which included extensive analysis of gold, silver and the gold stock sector, along with commodities, yield spreads, currencies and market sentiment.


$SPX Weekly
Larger Image

Can SPX eventually surmount resistance at 1360 (pending a routine correction to 1260?) and make it to 1500 by the end of 'i12' [short for our new tag line 'inflationary 2012']. What about a measured 1600? Let's manage current resistance and the probability of oncoming correction first, before we think about crazy (and by the way, quite doable) upside targets. But there they are.

Larger Image

Might the Nasdaq 100 also have designs on higher levels? A pullback and successful test of the green shaded support zone at around 2400 could provide the fuel for an eventual lift to the 2800+ area if 'i12' remains on track. Again, think about the roles silver and especially the Silver-Gold ratio [SGR] play in all of this. If SGR has completed its downside as an economic destruction indicator, it would give the all clear for many asset markets to continue to rally for an intermediate cycle. If the SGR has not bottomed well, not so much.

$NYL (NYSE World Leaders Index) INDX
Larger Image

The NYL World Leaders index is at an important juncture. It has just crossed above a resistance line, which it will now try to turn to support at 5500. MACD has not yet gone zero+, but is close. A break of the red dotted line would be bullish and a failure and turn back down below fledgling support would be, again... not so much.

The China 25 ETF shown below is a perfect illustration as to the predicament that many global markets are in. As noted in previous NFTRH, the bottoming pattern measures to a target of 49, which just happens to coincide with the upper trend line (got to love the confluence), BUT... FXI is dealing with a lower trend line that coincides with a thin range whereby the ETF deals with resistance just above and support just below (got to love the confluence).

FXI (iShares FTSE China 25 Index Fund) NYSE
Larger Image

This battle will define the near to intermediate future of FXI, as will many other battles going on out there in US and global markets. This is a bottoming pattern and 49 is the upside target. FXI has hit the expected resistance zone, along with various emerging and developed markets. If the resistance proves to be routine, perhaps we can load the upside target. But if any corrections prove to be significant, it will not take much to break this bottoming scenario. Stay tuned.

Back to homepage

Leave a comment

Leave a comment