It was a mixed month for world equity markets, with net monthly changes ranging from +3.5% (Russia), +2.4% (Australia), +1.0% (India), +0.7% (Germany), +0.6% (Brazil), -0.1% (USA), -0.2% (Japan), -0.7% (China), -1.1% (Hong Kong), to -3.1% (South Africa).
Lets take our regular look at ten of the world equity markets.
USA - Dow
The mighty Dow settled -26pts (0.1%) to 34502, the first net monthly decline since January. Monthly momentum ticked lower for the first time since Oct'2020. I would note first support of the 10MA in the 31000s.
Germany – DAX
Japan – Nikkei
Brazil – Bovespa
Russia - RTSI
India – SENSEX
China – Shanghai comp'
South Africa – Dow
Hong Kong – Hang Seng
Australia – AORD
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Summary
Five world equity markets were net higher for June, with five net lower.
Russia and Australia were strongest, whilst Hong Kong and South Africa struggled.
The German, Brazilian, Indian, and Australian markets broke new historic highs.
All ten world equity markets are trading above their respective monthly 10MA, and I thus see the m/t trend in all ten as bullish.
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Looking ahead
It will be a short four day trading week, with Monday closed in observance of Independence Day.
Earnings:
M - -
T -
W - WDFC
T - LEVI
F - GBX
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Econ-data:
M - *CLOSED*
T - PMI/ISM serv'
W - JOLTS, FOMC mins (2pm)
T - Weekly jobs, EIA Pet' & Nat' gas, consumer credit
F - Wholesale invent'
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Final note
We're only two trading days into July/Q3/H2, and we already have a new historic high for the SPX and Nasdaq comp'. All those crash calling maniacs are going to have to remain in their basements for much, if not all, of the summer.
A correction of >10% appears far more viable after Labor day. In particular, I'd look to WTIC, any price action >$77.00 would be decisive, and offer $100 before year end. The implications of the latter should be quite clear.
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Enjoy the holiday weekend
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*the next post on this page will likely appear 5pm EST on Tuesday, July 6th
