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Coppock's silver lining

Coppock sell signals abound, but are things about to turn for the better on European bourses?
August 12, 2015

It is hardly right to describe markets as outright bearish at present. Yet after the recent surge in western markets and slump in many emerging ones, it is fair to suggest there is nervousness in the air. So anyone of a particularly nervous disposition would do well to look away now, given the breadth of Coppock sell signals across the markets we cover.

Given recent turmoil on Chinese markets it's no surprise to see a number of Asian indices showing sells in July - those three make it a total of 35 sells (and five more unofficial sells) on the 54 equity, commodity and gilt indices covered by our system. Scary stuff indeed. For any kind of silver lining one must look towards Europe, where recent sell signals have been cancelled and the system even delivered a rare new buy signal, Portugal PSI 20 index. With an apparent resolution of the ongoing Greek stalemate around the corner, too, perhaps these are early signs of improving sentiment towards continental bourses to counter the descending gloom elsewhere.

July's Coppock signals

BuysSells
Portugal PSI 20 IndexChina FTSE China B 35 Index
 Hong Kong Hang Seng Index
 Korea SE Composite Index
Cancelled sellsCancelled buys
Belgium Bel 20 IndexS&P GSCI Agriculture TR Index
Euro Stoxx 50 Index 
Italy FTSE MIB Index 
Switzerland Swiss Market Index 

July's Coppock readings

North AmericaAprMayJunJulLatest signalLatest signal (date)
SPX27.225.3423.1121.01SELLMar-14
DJINDUS20.3219.3917.8615.99SELLFeb-15
NASDAQ 10045.1243.9241.7540.06SELLSep-14
NASDAQ COMP36.0335.434.9134.35SELLApr-14
S&P/TSX18.1314.429.675.48SELLOct-14
Asia Pacific, Africa
BANGKOK S.E.T. - PRICE INDEX28.7525.5321.8316.1SELLApr-15
FTSE BURSA MALAYSIA KLCI - PRICE INDEX-0.79-3.51-6.65-8.92SELLMay-14
FTSE CHINA B 35 - PRICE INDEX53.1277.1587.886.69SELL*Jul-15
HANG SENG - PRICE INDEX20.4424.7825.6323.19SELL*Jul-15
KOREA SE COMPOSITE (KOSPI) - PRICE INDEX2.994.544.914.39SELL*Jul-15
IDX COMPOSITE - PRICE INDEX32.9630.09123.9817.221SELLApr-15
STRAITS TIMES INDEX L - PRICE INDEX14.9514.4412.048.66SELLMay-15
TAIWAN SE WEIGHED TAIEX - PRICE INDEX21.0219.3616.7611.21SELLSep-14
TOPIX - PRICE INDEX42.1548.6453.4657.66CANCEL SELLDec-14
ASX 20012.612.8109.2SELLJun-15
NZ 5020.6620.2318.3517.99SELLMar-15
JSE TOP 4021.9818.7215.5613.34SELLSep-14
SENSEX65.2458.8952.7345.63SELLMar-15
South America
MEXICO IPC (BOLSA) - PRICE INDEX14.7214.614.212.73SELLMay-15
BRAZIL BOVESPA - TOT RETURN IND9.578.055.661.31SELLMay-15
MSCI EM LATIN AMERICA U$ - PRICE INDEX-24.238-30.194-35.273-42.168CANCEL BUYNov-14
Europe/UK
AEX INDEX (AEX) - PRICE INDEX32.5734.9735.7537.64CANCEL SELLJan-15
ATHEX COMPOSITE - PRICE INDEX-50.57-58.21-63.18-65.83SELLJun-14
ATX - AUSTRIAN TRADED INDEX - PRICE INDEX-13.34-9.8-7.35-3.63BUYFeb-14
BEL 20 - PRICE INDEX37.2737.5336.6136.93CANCEL SELL*Jul-15
DAX 30 PERFORMANCE - PRICE INDEX30.5331.9832.3633.24CANCEL SELLJan-15
EURO STOXX 50 - PRICE INDEX23.47823.60622.623.222CANCEL SELL*Jul-15
FRANCE CAC 40 - PRICE INDEX18.9520.8821.1923.18CANCEL SELLFeb-15
FTSE 100 - PRICE INDEX3.424.42.371.28SELLJun-15
FTSE 250 - PRICE INDEX10.6413.6515.8617.61CANCEL SELLFeb-15
FTSE ALL SHARE - PRICE INDEX4.55.824.523.92SELLJun-15
FTSE MIB INDEX - PRICE INDEX19.3518.3616.6417.74CANCEL SELL*Jul-15
IBEX 35 - PRICE INDEX22.3519.115.3213.23SELLSep-14
IRELAND SE GENERAL (ISEQ) - PRICE INDEX39.9944.9548.8454.34CANCEL SELLJan-15
OMX STOCKHOLM 30 (OMXS30) - PRICE INDEX36.2937.5935.8735.51SELLJun-15
OSLO EXCHANGE ALL SHARE - TOT RETURN IND19.0516.5413.3210.6SELLSep-14
PORTUGAL PSI-20 - PRICE INDEX-34.01-35.97-36.34-34.31BUY*Jul-15
RUSSIAN MICEX INDEX - PRICE INDEX22.0524.229.5732.14CANCEL SELLJan-15
SWISS MARKET (SMI) - PRICE INDEX15.7415.8214.1614.47CANCEL SELL*Jul-15

*New signals

Source: Thomson Datastream