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Below are a series of 3-year Daily charts comparing the performance of the main European stock indices with the SPX.
GERMANY: Price has moved fairly lock-in-step with the SPX, although it weakened more in the August 2011 drop and has remained weaker.
Spain is still a problem, as price is trading down on this Spanish ETF during intraday trading on Tuesday morning (in contrast to other Foreign ETFs in my list), as well as on the Spanish Stock Index, as shown on the Daily chart below.
On the index, price has dropped below its recent consolidation…a further drop looks inevitable.
From Investopedia:
"The Dow Jones Industrial Average (
/ˌdaʊ ˈdʒoʊnz/), also called the Industrial Average, the Dow Jones, the Dow 30, or simply the Dow, is a stock market index, and one of several indices created by Wall Street Journal editor and Dow Jones & Company co-founder Charles Dow. It was founded on May 26, 1896, and is now owned by Dow Jones Indexes, which is majority owned by the CME Group. The average is named after Dow and one of his business associates, statistician Edward Jones. It is an index that shows how 30 large, publicly owned companies based in the United States have traded during a standard trading session in the stock market.[1] It is the second oldest U.S. market index after the Dow Jones Transportation Average, which was also created by Dow."
Please click this link to read more.
This chart shows Yearly candles…major support sits at 11,500, with major resistance at 13250 on this timeframe.
Further to my my last weekly market update, here is a summary of where money flow ended for Week 4 of May 2012.
The Weekly charts below of YM, ES, NQ & TF show that they all closed a bit higher than the prior week on lower volumes. Price is hovering just above the lower Bollinger Band and the 50 sma (red). In the case of the NQ, price is still within its rising channel from the 2011 low. The YM and ES are trading just above longer-term trendline support, whereas the TF is just below price resistance.
As I see things, China has the ability to fix its own problems through its own unified fiscal and monetary approach.
Europe has major problems and does not have a unified fiscal approach that is being actively implemented by all Eurozone countries. Germany will have to backstop and supply monetary support in some fashion if it truly wants to see all countries remain in the Euro. Otherwise, countries who do not wish to continue under the European Stability Mechanism (ESM) rules will leave the Euro…simple as that.
