Michael Hartnett, Chief Investment Strategist at Bank of America Merrill Lynch, says that the percentage of global equity markets trading below their 200 and 50 day moving averages is close to their buy-signal level.
Peter Lee, Chief Technical Strategist at UBS in New York, gives his technical outlook for the S&P 100 and six mega-cap stocks: Apple, Exxon Mobil, Microsoft, Johnson & Johnson, General Electric and Google.
Bearish technical developments in many of the key commodity markets emphasise the deflation risks ahead, according to George Davis, Chief FIC Technical Analyst at RBC Capital Markets.
A basket of sentiment and technical indicators for US equities says ‘the dip in stocks is buyable’, according to Andrew Burkly, portfolio strategist at Oppenheimer. This, he says, is particularly true for the technology, heath care and financial sectors.
BNP Paribas identified a death cross on the S&P Small Cap 600 Index (SML) last week and say that this, together with its bearish relative trend versus the S&P 100, suggests further underperformance in the coming months for US small caps.
Peter Lee, Chief Technical Strategist at UBS in New York, has drawn attention to extreme Bollinger Band width readings for the S&P 500.
Several technical indicators suggest we are now “at or near buyable oversold condition” for the S&P 500 and that investors should accumulate positions on dips, according to Ari Wald, Technical Analyst at Oppenheimer.
Walter Zimmermann of United-ICAP says that if Brent Crude makes a decisive close below 91, the next target area is 75.80. This, he says, would have nothing to do with crude fundamentals and everything to do with a rising US Dollar.
Gold is approaching crucial support along the bottom of a descending triangle pattern, according to Peter Lee, Chief Technical Strategist at UBS in New York. Violation of this support will open the door to the July 2010 low.
Riccardo Ronco, Head of Technical Analysis at Aviate Global in London, says that an important long-term bullish breakout suggests Chinese equities will begin to outperform those listed in Hong Kong.