Global Equities Trading Update: 3 Charts I’m Watching

Here’s a brief update on global equities for today.  But first, let’s review today’s economic data.

Jobless Claims came in largely inline at 247k vs 245k, with continuing claims at 1945 vs 1950. PPI Ex Food and Energy is 1.9% vs 2% year over year. Layoffs in Autos are not really having much effect in the claims data.

Treasury Yields and the US Dollar Index are largely unchanged.

Looking abroad, European and Asian equities are pressing higher. The HSCEI Hang Seng Index is hitting its highest levels since early June, back over 10675 after 4 days of sharp gains.

U.S. Equities:  Yesterday was positive for the S&P 500, as the major index moved back above 2440 on expansion of breadth and volume. Technology also regained some of its mojo. Meanwhile, the Dow Jones Industrial Average is making new highs.  Overall, more positives than negative and signs that the recent consolidation is resolving itself to the upside. A move above 2447 likely sets the stage for a run to 2470-5.

Here are 3 charts that I’m watching today:

1.  MSCI All-World Index (NASDAQ:ACWI) is moving back to new high territory.

2.  HSCEI China’s Hang Seng China Enterprise Index moving back to early June highs after 4 sharp days of gains.

3.  S&P 500 Futures hourly chart –  A successful move over a couple of key downtrends yesterday for the S&P 500 (NYSEARCA:SPY) should help this push higher into end of week.  2447 is important price area to watch.  A move over this level allows for a quick move to 2470 which should be an area to sell into short-term. Downside price support remains near 2430

Thanks for reading and good luck out there.

Twitter:  @MarkNewtonCMT

Author has positions in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.