Turmoil In Turkey Adversely Affects Weekly Charts For 9 Major Global Equity Averages

Photographer: Antonio Heredia/Bloomberg

The Dow Jones Industrial Average, the S&P 500 and the Dow Jones Transportation Average remain below their January highs with the Russell 2000 below its July 10 high and the Nasdaq Composite below its latest all-time high set on July 25.

Overseas, Japan’s Nikkei 225 (.N225), China’s Shanghai Composite (.SSEC) and German DAX (.GDAXI) set their 2018 intraday highs in January. India’s Nifty 50 (.NSEI) set its all-time intraday high on August 9.

Today we are looking at the weekly charts for or these nine major global averages . Here’s the Scorecard:

Scorecard for the 9 Global Equity AveragesGlobal Market Consultants

This morning we observe that the overseas markets slumped on the continued Turkey turmoil , which has caused the major averages in Japan, China and Germany to show negative weekly charts while India shows immunity so far.

The Dow Jones Industrial Average (25,313.14 on Aug. 10) is 4.9% below its all-time intraday high of 26,616.71 set on Jan. 26. The Dow has a positive weekly chart with the average above its five-week modified moving average of 25,077.75. My semiannual and annual pivots are at 24,323 and 24,666, respectively, with my monthly pivot at 25,435 and semiannual risky level at 26,482.

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The S&P 500 Index (2,833.28 on Aug. 10) is 1.4% below its all-time intraday high of 2,872.87 set on Jan. 26. The weekly chart is positive but overbought with the index above its five-week modified moving average of 2,795.29. The S&P is above its semiannual and annual pivots of 2,714.9 and 2,769.1, respectively, with my monthly pivot at 2,809.4 and quarterly risky level at 2,893.1.

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The Nasdaq Composite (7,839.11 on Aug. 10) is 1.2% below its all-time intraday high of 7,933.31 set on July 25. The weekly chart is positive but overbought with the composite above its five-week modified moving average of 7,722.42. My semiannual and annual value levels are 7,374 and 6,928, respectively, with my monthly pivot of 7,796 and my quarterly risky level at 8,100.

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The Dow Jones Transportation Average (11,090.63 on Aug. 10) is 2.9% below its all-time intraday high of 11,423.92 set on Jan. 16. The weekly chart is positive with the average above its five-week modified moving average of 10,851.92. My semiannual value level is 10,050 with my monthly pivot at 11,067 and annual and quarterly risky levels of 11,401 and 11,941, respectively.

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The Russell 2000 (1,686.80 on Aug.10) is 1.3% below its all-time intraday high of 1,708.56 set on July 10. The weekly chart for the Russell 2000 is neutral with the average above its five-week modified moving average of 1,670.82, but its 12x3x3 weekly slow stochastic reading is declining below the overbought threshold of 20,00. My annual value level is 1,549.40 with monthly and annual pivots of 1,636.42 and 1,664.90 and my quarterly risky level of 1,792.96.

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The Nikkei 225 (21,857.43 on Aug. 13) is 9.4% below its 2018 high of 24,129.34 set on Jan. 23. The weekly chart is negative with the Japan benchmark below its five-week modified moving average of 22,339.28. The Nikkei is below my monthly and annual pivots of 22,045 and 22,009, respectively, with my semiannual and quarterly risky levels of 22,741, 24,575 and 25,244, respectively.

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The Shanghai Composite (2,785.87 on Aug. 13) is in bear market territory, 22.3% below its 2018 high of 3,587.03 set on Jan. 29. The weekly chart is negative buy oversold with the composite below its five-week modified moving average of 2,843.95. My annual value level lags at 2,475 with my monthly, quarterly and semiannual risky levels at 2,903, 3,302 and 4,458, respectively.

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The Nifty 50 (11,355.75 on Aug. 13) is 1.2% below its 2018 high of 11,495.20 set on Aug. 9. India’s benchmark has a positive but overbought weekly chart with the average above its five-week modified moving average of $11,141.77. The 12x3x3 weekly slow stochastic reading is above 90.00, making the Nifty 50 an ‘inflating parabolic bubble.’ My annual value level is 10,009 with my semiannual, monthly and quarterly pivots at 10,733, 11,344 and 11,124, respectively.

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The German DAX (12,342.43 as of 6:00 AM on Aug. 13) is 9.3% below its 2018 high of 13,596.89 set on Jan. 23. The weekly chart is negative with the German benchmark below its five-week modified moving average of 12,550.08.  My monthly value level is 12,259 with my semiannual, annual and quarterly risky levels at 12,947, 13.563 and 14,561, respectively.

Courtesy of MetaStock XenithCourtesy of MetaStock Xenith

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