Global Technical Strategy
We’re approaching some Fabulous Fib-onnacci levels of importance.
From a technical standpoint, Fibonacci retracements in the major averages (see charts) have as much to do with the ebb and flow of trading as any fundamental data point or headline. More importantly, the myriad of technical breakouts above these key retracement levels continues to suggest that the markets are in a strong technical position to resume their Bullish ascent once the “ash” has settled.
Anyhow, the market is coming up on an important Fibonacci retracement level as the S&P hits 1228.74.
For Nifty weekly closing above 5470 retracement.
This opens gate for mother of new Bull Run which may take Nifty to
6066 . Stock that can be Dark Horse be Bharti Airtel Target 446.
The MSCI Barra Emerging Markets Index, which tracks stock performances in 21 countries, is up about 8% this month, its strongest gain since notching a similar advance in March.
"Since we hit this low and bottomed back in May, the technicals have been steadily improving and have been in stronger positions coming out of that major correction,"
The iShares MSCI Emerging Markets Index, an exchange-traded fund that tracks the performance of the index EEM, has jumped more than 10%.
With a more manageable grip on what had been a slate of worrisome developments out of Europe, a pullback in the U.S. dollar CUR_EURUSD against the euro has also increased an appetite for riskier assets.
Sr Vice President & Head Equities
wiTdom investment advisory.