It was a powerfully bullish month for world equity markets, with net monthly gains ranging from +20.2% (Russia), +15.9% (Brazil), +15.0% (Germany, Japan), +11.8% (USA), +11.4% (India), +9.9% (Australia), +9.3% (Hong Kong), +5.7% (South Africa), to +5.2% (China).
Lets take our regular look at ten of the world equity markets.
USA - Dow
The mighty Dow saw a net November gain of +3137pts (11.8%) to 29638, having broken a new historic high of 30116. November made for the fifth consecutive monthly settlement above the 10MA. Monthly momentum has turned positive for the first time since January, set to build into early 2021.
Germany – DAX
German equities powered +1734pts (15.0%) to 13291. Monthly momentum is on the moderately high side, but there is feasible upside into spring 2021.
Japan – Nikkei
Japanese equities powered upward, +3456pts (15.0%) to 26433, the highest since 1991.
Brazil – Bovespa
The Brazilian market settled +14940pts (15.9%) to 108893. Monthly momentum is set to turn positive in December.
Russia - RTSI
Russian equities lead world equity markets in November, settling +215pts (20.2%) to 1281. The November candle is of the bullish engulfing type, and leans distinctly bullish. I would note the monthly settlement back above key price threshold of the 1200s, with next upside resistance of 1336.
India – SENSEX
The Indian market settled +4535pts (11.4%) to 44149, having broken a new historic high of 44825. Monthly momentum has turned positive, and offers further upside into 2021.
China – Shanghai comp'
The Chinese market laggard in November, settling +167pts (5.2%) to 3391. November was the fifth consecutive month stuck around key price threshold of the 3400s.
South Africa – Dow
The South African market settled +91pts (5.7%) to 1690. November's candle is rather spiky, although multi-month price structure of a bull flag has been fully confirmed. Next resistance is 1846.
Hong Kong – Hang Seng
Hong Kong settled +2234 (9.3%) to 26341. Next resistance are the 29100s.
Australia – AORD
Australian equities settled +608pts (9.9%) to 6742. Next resistance is 7k, and then the Feb'2020 hist' high of 7289. Higher commodity prices sure would help this market in 2021.
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Summary
All ten world equity markets settled net higher for November
Russia and Brazil lead the way higher, whilst South Africa and China lagged.
Two world markets - USA and India, broke new historic highs.
All ten world equity markets settled above their respective monthly 10MA, and I thus see the m/t trend in all ten, as bullish.
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Looking ahead
Earnings:
M - JKS, COUP, SFIX, TOL, CASY
T - AZO, JW/A, CHWY, GME, MDB
W - CPB, ADBE, RH
T - CIEN, FLR, COST, LULU, AVGO, ORCL, MTN
F -
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Econ-data:
M - Consumer credit (3pm)
T - Productivity/costs
W - JOLTS, Wholesale invent', EIA Pet'
T - CPI, Weekly jobs, US T-budget
F - PPI, consumer sent'
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Final note
November was an exceptionally bullish month for world equity markets. December has already seen the USA and India further break new historic highs, as monthly momentum increasingly favours the bulls.
Specifically for the US market, I've endeavoured to emphasise how the June highs are important for many stocks. In particular, energy and financials have finally joined the main market party, with a fair number of individual stocks breaking above their June highs.
I could highlight dozens (maybe a few hundred), but the following will have to suffice...
UAL, monthly
United Airlines has cleared the June high of $48.95. From a pure technical perspective, there is no major resistance until key price threshold of the $70s, and that is a clear forty percent higher. The short/mid term implications for the sector, and main market are massive.
Ohh, and no, I'm not saying UAL to the $70s is a given, but technically, we have a bullish breakout, and it is a case of 'open air' to far higher levels.
We have just eighteen trading days left of 2020. Between now and the closing bell of 4pm, Thursday Dec'31st, we should see the market continue to lean to the upside, on mainstream hopes that 2021 will be at least somewhat better. That mainstream hope... is questionable.
I will just add, if you value freedom of speech, support your independent media! Or perhaps you think its better that you get your news from the left leaning corporate giants?
Yours... still typing... in the twilight zone.
For service details, and December offers: https://www.tradingsunset.com
Have a good weekend
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The next post on this page will likely appear 5pm EST on Monday.
