Equity and Cryptocurrency Markets: Weekly Performance Review

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The market data is provided by the HitBTC exchange.

Global Equity Markets: Possible recovery in the works

Most major equity markets moved into recovery mode last week with gains above 1.0%, following selloffs in the previous week. Global trading was quiet as the week came to a close given that many markets were closed for the Easter Holiday on Friday, and some in Europe will be closed on Monday.

Investors are now looking to positive earnings surprises to help propel the markets higher as we finish the first quarter of the year. Threats of a trade war by the Trump administration and a hammering of technology stocks has been a cause for concern recently. Global tech leaders including Facebook and Amazon have faced pressure, and that concern has spread throughout the markets with investors moving to risk-off mode.

At least for the short-term, it looks like we may be shifting given last week’s somewhat consistent positive performance among major equity markets. Nevertheless, a most of the indices will be heading up into overhead resistance if they do go higher and this could mute the advances.

BSE Sensex: Bullish pattern setup

The BSE Sensex 30 Index has formed a potential bullish falling wedge during the most recent correction following a record high in January. If the bottom has been set at the 32,483.84 low from two weeks ago, then an upside breakout will be triggered on the move above the downtrend line. Last week’s high of 33,371.04 and a two-week high can be used as a proxy for the line. The bottom has formed around support of the 200-day moving average line (brown) and prior support and resistance over a number of months in 2017. Multiple support indicators coming together can enhance the significance of the price support zone.

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The recent touch of the 200-day MA is the first time the Sensex has hit it in more than a year. Frequently, once the 200-day MA is approached as support after being above it for months, it tends to act as