There are a few global stock indices and ETFs threatening to break up through major resistance levels this month to trigger bullish breakout moves. These are worth watching after Friday’s close to see whether they can initiate such a move.
The S&P500, DJIA, Germany’s DAX and India’s SENSEX indices have already broken up through their pre-GFC highs to tigger bullish ascending triangle breakouts BUT watch for the NASDAQ, London’s FTSE and Canada’s TSX to follow suit and for the Russell 2000 to continue on from a ‘Bull Flag’ breakout.
S&P500: this index made a bullish ascending triangle breakout back in 2013 and looks to be on its way to a target of 2,500:
DJIA: this index also made a bullish ascending triangle breakout back in 2013 and looks to be on its way to a target of 21,000:
Germany’s DAX: this index also made a bullish ascending triangle breakout back in 2013 and looks to be on its way to a target of 13,000:
India’s SENSEX: this index made a bullish ascending triangle breakout back in 2014 and looks to be on its way to a target of 34,000:
There are a few global stock indices, along with their ETFs, looking to attempt their own bullish ascending triangle breakouts this month:
NASDAQ: a break and hold above 4,800 for February would signal a bullish ascending triangle breakout with an ultimate target of 8,400:
QQQ: NASDAQ ETF: a break and hold above 120 for February would signal a bullish ascending triangle breakout with an ultimate target of 220:
London’s FTSE: a break and hold above 7,000 for February would signal a bullish ascending triangle breakout with an ultimate target of 10,400:
Canada’s TSX: a break and hold above 15,200 for February would signal a bullish ascending triangle breakout with an ultimate target of 22,800:
The Russell 2000 has made a triangle breakout but, more recently, has been setting up in a ‘Bull Flag’. A break and hold above the 1,220 would suggest continuation of this ‘Bull Flag’:
Russell 2000: watch for a February close above 1,220 to suggest bullish continuation:
IWM: Russell 2000 ETF: watch for a February close above 120 to suggest bullish continuation here too:
Summary: watch for any triangle breakout on the:
- NASDAQ,
- QQQ,
- FTSE and
- TSX and
- for any continued ‘Bull Flag’ move on the Russell 2000 and IWM ETF
following the close of the February candle on Friday.
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