Global Indexes

Here is our monthly update on global indexes for our international investors.

$SPX - sell signal in January 2008 ended the buy signal of May 2003. Prices testing TL resistance with MACD positive, but new buy signal cannot be confirmed for another month.

$TSX - on sell signal.

Prices closed above TL resistance again this month, waiting for MACD to confirm a new buy signal. The fact that prices bounced off 200ema support is long term positive.

Australia is on sell signal.

Prices testing TL resistance. The fact that prices bounced firmly off 200ema support is long term positive.

Brazil is on sell signal.

India is on a buy signal.

France is on sell signal.

Prices testing TL resistance.

Germany is on sell signal, but prices closed above TL resistance again this month, waiting for MACD to confirm a new buy signal.

London is back on major buy signal.

Hong Kong is on a buy signal.

Tokyo is on sell signal.

Prices testing TL resistance.

Config is bearish which is long term negative.

Shanghai is on major buy signal.

This is a very difficult market for most investors.

Prices went parabolic beginning in late 2005 for two full years, then collapsed for one full year, and then spiked up for nine months. There has been no major pullback/correction/consolidation during this entire four year period of roller coaster ride. Therefore, it will be most constructive if this market can somehow go sideways for a few months.

Shanghai lost over 20% in August with an outside reversal (down) monthly candlestick even an untrained eye can spot. As the whole world looks to China for a global economic recovery, the Shanghai index is closely watched and if there is follow thru selling, it could affect and influence most other global indexes.

Philippines is on a buy signal.