Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>With the MSCI ACWI (ACWI-US) approaching the top-end of our expected 2023 trading range at $93, we see limited upside from here, and we believe caution is warranted.</li>
<li>We want to remain overweight Europe and the UK, but we prefer to buy only on pullbacks.</li>
<li>The Hang Seng and MSCI China (MCHI-US) are both getting rejected at their important resistances discussed last week, and we would expect to see a basing process develop below resistance.</li>
</ul>


With the MSCI ACWI (ACWI-US) approaching the top-end of our expected 2023 trading range at $93, we see limited upside from here, and we believe caution is warranted.
We want to remain overweight Europe and the UK, but we prefer to buy only on pullbacks.
The Hang Seng and MSCI China (MCHI-US) are both getting rejected at their important resistances discussed last week, and we would expect to see a basing process develop below resistance.


Caution Warranted; ACWI-US At $93 Resistance; Buys in Communications, Staples, Materials, Financials

Sumitomo Mitsui Financial Group / Technical Analysis

Sumitomo Mitsui Financial Group (8316 JP)

<ul>
<li>Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass). We also remain near-term bullish on MSCI ACWI since our 4/23/26 Int’l Compass.</li>
<li>Support at $152.35-$153.70 on ACWI-US must continue to hold for us to maintain our near-term bullish outlook.</li>
<li>Despite our bullish outlook, we see some concerning developments that lead us to believe this current consolidation is likely to continue for the foreseeable future--as initially outlined on July 14</li>
</ul>


Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass). We also remain near-term bullish on MSCI ACWI since our 4/23/26 Int’l Compass.
Support at $152.35-$153.70 on ACWI-US must continue to hold for us to maintain our near-term bullish outlook.
Despite our bullish outlook, we see some concerning developments that lead us to believe this current consolidation is likely to continue for the foreseeable future--as initially outlined on July 14


Focus Remains on Non-A.I. Areas; Europe Remains Attractive; Energy, Gold Miners, Staples, Financials

<ul>
<li>Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass).</li>
<li>We have also remain near-term bullish on MSCI ACWI since our April 23, 2026 Int’l Compass, and we continue to expect support at the 50-day MA on ACWI-US</li>
<li>We take a closer look at SK Hynix and Micron</li>
</ul>


Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass).
We have also remain near-term bullish on MSCI ACWI since our April 23, 2026 Int’l Compass, and we continue to expect support at the 50-day MA on ACWI-US
We take a closer look at SK Hynix and Micron


US Dollar Breakout; Watching SK Hynix (000660-KR) And Micron (MU-US); Should You Be Concerned? No.

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Thematic (Sector/Industry)

<ul>
<li>Hale has finalized an $85 million acquisition of a Melbourne campus, the largest industrial deal of 2026.</li>
<li>Fuji Media Marketing in Japan is considering a property sale that could potentially reach $5 billion.</li>
<li>CapitaLand Investment has obtained a $1.9 billion mandate for income insurance in Singapore amid market changes.</li>
</ul>


Hale has finalized an $85 million acquisition of a Melbourne campus, the largest industrial deal of 2026.
Fuji Media Marketing in Japan is considering a property sale that could potentially reach $5 billion.
CapitaLand Investment has obtained a $1.9 billion mandate for income insurance in Singapore amid market changes.


Asia Real Estate Tracker (28-Apr-2026): Hale acquires $85M Melbourne campus in major deal.

<ul>
<li>We had a near-term bullish outlook on MSCI ACWI (ACWI-US) and the S&amp;P 500 (SPX) from 4/22/25 to 11/18/25.</li>
<li>After being near-term neutral for a week, we flipped back to bullish in our 11/25/25 Compass, all while maintaining our intermediate-term bullish outlook (as of our 5/14/25 Compass).</li>
<li>We will stay near-term bullish as long as crucial support levels of 6480-6520 on SPX and $134-135.70 on ACWI-US continue to hold</li>
</ul>


We had a near-term bullish outlook on MSCI ACWI (ACWI-US) and the S&amp;P 500 (SPX) from 4/22/25 to 11/18/25.
After being near-term neutral for a week, we flipped back to bullish in our 11/25/25 Compass, all while maintaining our intermediate-term bullish outlook (as of our 5/14/25 Compass).
We will stay near-term bullish as long as crucial support levels of 6480-6520 on SPX and $134-135.70 on ACWI-US continue to hold


Upgrading Spain to Overweight; EM Uptrend Break; Buys in Discretionary, Financials, Materials

Spain

Banco Santander SA attracts deposits and offers retail, commercial and private banking, and asset management services. The Bank offers consumer credit, mortgage loans, lease financing, factoring, mutual funds, pension funds, insurance, commercial credit, investment banking services, structured finance, and advice on mergers and acquisitions.

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Banco Santander Sa (SAN SM)

Caution Warranted; ACWI-US At $93 Resistance; Buys in Communications, Staples, Materials, Financials

With the MSCI $ACWI approaching the top-end of our expected 2023 trading range at $93, we see limited upside from here and believe caution is...

Vermilion Research

Focus Remains on Non-A.I. Areas; Europe Remains Attractive; Energy, Gold Miners, Staples, Financials

Focus Remains on Non-A.I. Areas; Europe Remains Attractive; Actionable Themes: Energy, Gold Miners, Consumer Staples, Services, and Financials

Vermilion Research

US Dollar Breakout; Watching SK Hynix (000660-KR) And Micron (MU-US); Should You Be Concerned? No.

U.S. Dollar Breakout; Watching SK Hynix (000660-KR) and Micron (MU-US); Should You Be Concerned About Technology? No.; Bullish Outlook Intact. Buys...

Vermilion Research

Asia Real Estate Tracker (28-Apr-2026): Hale acquires $85M Melbourne campus in major deal.

Hale's $85M Melbourne campus acquisition leads APAC real estate in 2026, while Fuji Media considers a $5B sale, and CapitaLand secures a $1.9B...

Asia Real Estate Tracker

Upgrading Spain to Overweight; EM Uptrend Break; Buys in Discretionary, Financials, Materials

Upgrading Spain $EWP to Overweight; EM Uptrend Break $EEM $VWO; Lows likely "in" on $SPX and $ACWI; Buys Focused in global Discretionary,...

Vermilion Research

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