Global Market Indices Topping Out
Nothing stays bullish forever... Global markets cannot keep this rate of growth healthily.. A pullback from here would be the best case scenario in the long term, even if it meant a period of economic downturn..
Having a look at 3 of the major global indices, both individually & combined together, shows that from a simple TA point of view, we are nearing the end of this cycle of market growth & hinting at a major global economic downturn.
From the chart I'd be expecting a rejection from that Res.1 level (or a fakeout above then down) towards the pivot point & support levels below.
The ticker I used was (DJ:W1DOW+NASDAQ:NQGM+NASDAQ:NQGI)/3 :
- W1DOW
- NQGM
- NQGI
^The average of the 3 global market indices was taken to produce the chart
W1DOW: ( spglobal.com/spdji/en/indices/equity/dow-jones-global-index/ )
The Dow Jones Global Index aims to provide 95% market capitalization coverage of stocks globally, including developed and emerging regions.
NQGI: ( indexes.nasdaqomx.com/Index/Overview/NQGI )
The NASDAQ Global Index is a float adjusted market capitalization-weighted index designed to track the performance of global equities covering over 98% of the entire listed market capitalization of the global equity space.
NQGM ( nasdaq.com/market-activity/index/nqgm )
The NASDAQ Global Market Composite consists of 1,450 stocks that meet NASDAQ’s strict financial and liquidity requirements, and corporate governance
standards. The Global Market Composite is less exclusive than the Global Select Market Composite.
^The above provide a broad selection of the major worldwide markets & when combined and averaged provide a nice benchmark of the global market's current performance.
^A look at the bearish divergence on daily chart when you combine all 3 of the above global indices.
Here is a look at the quarterly chart of the NASDAQ Global Market Composite. The chart is hinting towards some major bullish exhaustion & possible major pullback
- RSI exhaustion
- Stochastic RSI bearish div. and pointing down
- CCI overbought & local downtrend
- MacD exhaustion signs
- VMC B bearish sommi diamond + exhaustion signs.
All indicators mentioned are pointing towards a heavy downswing on the 3-month chart quite soon.
NQGI:
Showing extensive bearish divergence on MacD for the Nasdaq global index
NQGI on the weekly chart also bearish with multiple bearish divergences inside a rising channel
W1DOW:
Weekly Global Dow is in an ascending channel with some major bearish divergences
^Could extend a bit higher first before retracing
SPX: Included out of interest
SPX 2-weekly bullish exhaustion with Bearish divergence on multiple indicators.
Bearish div. within an ascending wedge pointing to a severe correction on the way.
Overall you can see that the majority of markets around the globe are ready for a major pullback or slowing of growth.
*Symbol tags*
W1DOW 
NQGI NQGM 
SPXNota
The SPX chart has been published separately to allow further analysis & updates
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The NQGM index chart has been published separately to allow follow up on
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NQGI chart made into separate idea:
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W1DOW chart Below now published
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12hr chart showing downside potentialNota
DXY weekly double bottomNota
Possible Bearish Continuation For Stocks
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Related charts are scattered throughout this idea:
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As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.