Are Global Markets Playing A Dangerous Game Of Follow-The-Leader? [Charts]

Are Global Markets Playing A Dangerous Game Of Follow-The-Leader? by Jennifer Thomson, Gavekal Capital

As we noted earlier today, the Emerging Markets are really struggling when you look at a variety of our market internals indicators–especially compared to Developed Markets.  Here we go into a bit more granular detail, this time looking at the momentum of stocks in each country as depicted by the percent of issues with the 50-day moving average above the 200-day moving average.  As most readers realize, the failure of the 50-day MA to stay above the 200-day MA is typically an indication of a shift in the longer-term trend of a given security or, as in this case, a group of equities.  The main takeaway here: Emerging Markets don’t look much better than in any of the charts we showed earlier– and momentum in a number of the so far more resilient Developed Markets’ equities appears poised to follow the EMs on their sharply lower trajectory.

Developed Markets

MSCI Pacific

Global Markets

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Global Markets

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MSCI Europe

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MSCI  North America

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Emerging Markets

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MSCI EM Asia

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MSCI EM EMEA

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MSCI EM Latin America

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