Candy Matheson | Aug 11, 2012 10:56PM ET
Further to my last weekly market update, this week's update will look, firstly, at the six Major Indices and nine Major Sectors, as shown on the two Daily line chartgrids below, then two Daily SPX:VIX and RUT:RVX ratio charts, and, finally, Major World Indices, Commodities, and Currencies, as shown on the subsequent Daily chartgrids.
My closing targets for Friday, as mentioned in that post, were reached on:
The Transports Sector has yet to make a higher closing swing high and is one to watch to see if strength improves or if weakness builds.
The others still have their closing targets to reach and are ones to watch to see whether they strengthen or weaken.
The Year-to-Date Daily chart below of the SPX:VIX ratio chart shows that the S&P 500 Index finally gained traction mid-week and closed the week higher, as volatility continued to decline. Its next resistance level to overcome is 97.50.
The next 1-Year Daily chartgrid features Germany and France, as well as the PIIGS countries (Portugal, Italy, Ireland, Greece, and Spain). Germany and France have continued to advance recently, and it appears that the others have stabilized, are continuing to build a base, and are attempting to move higher. Italy has made a higher swing high and is one to watch to see if this recent strength continues.
Commodities, Oil, and the Canadian Index are ones to watch to see what effect China's Shanghai Index has on them, if any, over the next days/weeks.
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