Technical Tuesday - October 17, 2018

publication date: Oct 17, 2018

Cerundolo Investment Research    

Technical Tuesday Update  

Volume 2, Issue 35
October 17, 2018

Download Full Report here


Highlights:

US Markets

  • The S&P 500, Nasdaq Composite, Russell 2000, MDY and Dow Transports have all reversed from areas of support.  Ideally, we would like to see any pullback create a higher low which would setup a bullish move higher into year end.  Our custom equal weighted index of Pharmaceuticals, Medical Devices and Biotech pulled back to an area of support which looks favorable to buy

European Markets

  • The CAC, DAX and Italy’s FTSE MIB remain in weak patterns.  No change in our cautious view.

 

Asian Markets

  • The Nikkei held support on the recent pullback and looks poised to once again challenge the recent highs.  The Hang Seng has achieved our initial target from which we expect a pause or short-term rally to occur.  The overall pattern remains weak.

 

Emerging Markets

  • China’s Shanghai Composite and the Singapore Straits Times Index remain weak while the Kospi 100 is close to its target level.

 

Commodity Markets

  • Not covered this week.

Currency Markets

  • Not covered this week.