Below is the latest weekend update from Serge Perreault, a Chartered Accountant and market technician located near Montreal, Canada. Serge has been following the U.S. market in a series of weekly charts. Below is his update on the S&P 500 followed by my regular weekend update on the 3 'real' mega bears: The S&P 500 broke its uptrend support, thus confirming a downtrend from November 2010, on 66% above-average volume and on falling and breaking-support momentum.
ChartMatters: Global Markets Week In Review - Bear Cubs
The world selloff continued last week, with six of the seven world markets we've been tracking finishing the week with a loss. The FTSE was the solitary market with a gain, and it has now taken over the top spot in table of percentage declines from interim highs. In fact, four of the seven are now in secular bear territory, down 20% or more from their interim highs: The DAX, Nikkei, Hang Seng and Shanghai. And the BSE Sensex, down 19.83, is only a hair's breadth away from joining the other bear cubs
Read More: http://www.econmatters.com/2011/08/chartmatters-global-markets-week-in.html
Lack of Panic Suggests More Market Downside to Come – And Buying Opportunities After That
According to the Bloomberg News, the recent sell-off has scraped a staggering $3 trillion from U.S. markets and a whopping $8 trillion from global markets between July 22 and Monday of this week. And still the pros aren't panicking, which suggests to me there's more downside ahead - a lot more. Indeed, I see the very real possibility that we could re-test the bear-market lows of March 2009.
Read More; http://moneymorning.com/2011/08/12/lack-of-panic-suggests-more-market-downside-to-come-and-buying-opportunities-after-that/
Shah Gilani: We Haven't Hit Bottom, Yet
U.S. markets took a huge hit on Monday (August 7th), with the Dow sliding more than 630 points. But while many investors lost their shirts, Shah Gilani and his Capital Wave Forecast service made gains of 455% (twice), 371% and 197%. What's his secret? And what's ahead for the markets in the next few days and weeks? Learn the answers below…
Read More: http://moneymorning.com/2011/08/12/shah-gilani-we-havent-hit-bottom-yet/