In today’s briefing:
- Japan Bullishly Inflecting; Constructive Outlook Intact; Global Pullback Likely Over
Japan Bullishly Inflecting; Constructive Outlook Intact; Global Pullback Likely Over
- The MSCI ACWI index ACWI-US briefly fell below major support at $90.50-$91.50, though we do not consider it a “decisive” breakdown and we now see a false breakdown (bullish).
- On MSCI ACWI (local currency), a false breakdown appears to already be in place, which is bullish as long as the index does not break to a new low.
- MSCI EM (EEM-US) continues to hold above $36.50-$37 support, while MSCI ACWI ex-US (ACWX-US) and EAFE (EFA-US) remain above supports at $45 and $65-$66, respectively. Pullback is likely over.
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