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
Buys | Sells |
Portugal PSI 20 Index | China FTSE China B 35 Index |
Hong Kong Hang Seng Index | |
Korea SE Composite Index | |
Cancelled sells | Cancelled buys |
Belgium Bel 20 Index | S&P GSCI Agriculture TR Index |
Euro Stoxx 50 Index | |
Italy FTSE MIB Index | |
Switzerland Swiss Market Index |
July's Coppock readings
North America | Apr | May | Jun | Jul | Latest signal | Latest signal (date) |
SPX | 27.2 | 25.34 | 23.11 | 21.01 | SELL | Mar-14 |
DJINDUS | 20.32 | 19.39 | 17.86 | 15.99 | SELL | Feb-15 |
NASDAQ 100 | 45.12 | 43.92 | 41.75 | 40.06 | SELL | Sep-14 |
NASDAQ COMP | 36.03 | 35.4 | 34.91 | 34.35 | SELL | Apr-14 |
S&P/TSX | 18.13 | 14.42 | 9.67 | 5.48 | SELL | Oct-14 |
Asia Pacific, Africa | ||||||
BANGKOK S.E.T. - PRICE INDEX | 28.75 | 25.53 | 21.83 | 16.1 | SELL | Apr-15 |
FTSE BURSA MALAYSIA KLCI - PRICE INDEX | -0.79 | -3.51 | -6.65 | -8.92 | SELL | May-14 |
FTSE CHINA B 35 - PRICE INDEX | 53.12 | 77.15 | 87.8 | 86.69 | SELL* | Jul-15 |
HANG SENG - PRICE INDEX | 20.44 | 24.78 | 25.63 | 23.19 | SELL* | Jul-15 |
KOREA SE COMPOSITE (KOSPI) - PRICE INDEX | 2.99 | 4.54 | 4.91 | 4.39 | SELL* | Jul-15 |
IDX COMPOSITE - PRICE INDEX | 32.96 | 30.091 | 23.98 | 17.221 | SELL | Apr-15 |
STRAITS TIMES INDEX L - PRICE INDEX | 14.95 | 14.44 | 12.04 | 8.66 | SELL | May-15 |
TAIWAN SE WEIGHED TAIEX - PRICE INDEX | 21.02 | 19.36 | 16.76 | 11.21 | SELL | Sep-14 |
TOPIX - PRICE INDEX | 42.15 | 48.64 | 53.46 | 57.66 | CANCEL SELL | Dec-14 |
ASX 200 | 12.6 | 12.8 | 10 | 9.2 | SELL | Jun-15 |
NZ 50 | 20.66 | 20.23 | 18.35 | 17.99 | SELL | Mar-15 |
JSE TOP 40 | 21.98 | 18.72 | 15.56 | 13.34 | SELL | Sep-14 |
SENSEX | 65.24 | 58.89 | 52.73 | 45.63 | SELL | Mar-15 |
South America | ||||||
MEXICO IPC (BOLSA) - PRICE INDEX | 14.72 | 14.6 | 14.2 | 12.73 | SELL | May-15 |
BRAZIL BOVESPA - TOT RETURN IND | 9.57 | 8.05 | 5.66 | 1.31 | SELL | May-15 |
MSCI EM LATIN AMERICA U$ - PRICE INDEX | -24.238 | -30.194 | -35.273 | -42.168 | CANCEL BUY | Nov-14 |
Europe/UK | ||||||
AEX INDEX (AEX) - PRICE INDEX | 32.57 | 34.97 | 35.75 | 37.64 | CANCEL SELL | Jan-15 |
ATHEX COMPOSITE - PRICE INDEX | -50.57 | -58.21 | -63.18 | -65.83 | SELL | Jun-14 |
ATX - AUSTRIAN TRADED INDEX - PRICE INDEX | -13.34 | -9.8 | -7.35 | -3.63 | BUY | Feb-14 |
BEL 20 - PRICE INDEX | 37.27 | 37.53 | 36.61 | 36.93 | CANCEL SELL* | Jul-15 |
DAX 30 PERFORMANCE - PRICE INDEX | 30.53 | 31.98 | 32.36 | 33.24 | CANCEL SELL | Jan-15 |
EURO STOXX 50 - PRICE INDEX | 23.478 | 23.606 | 22.6 | 23.222 | CANCEL SELL* | Jul-15 |
FRANCE CAC 40 - PRICE INDEX | 18.95 | 20.88 | 21.19 | 23.18 | CANCEL SELL | Feb-15 |
FTSE 100 - PRICE INDEX | 3.42 | 4.4 | 2.37 | 1.28 | SELL | Jun-15 |
FTSE 250 - PRICE INDEX | 10.64 | 13.65 | 15.86 | 17.61 | CANCEL SELL | Feb-15 |
FTSE ALL SHARE - PRICE INDEX | 4.5 | 5.82 | 4.52 | 3.92 | SELL | Jun-15 |
FTSE MIB INDEX - PRICE INDEX | 19.35 | 18.36 | 16.64 | 17.74 | CANCEL SELL* | Jul-15 |
IBEX 35 - PRICE INDEX | 22.35 | 19.1 | 15.32 | 13.23 | SELL | Sep-14 |
IRELAND SE GENERAL (ISEQ) - PRICE INDEX | 39.99 | 44.95 | 48.84 | 54.34 | CANCEL SELL | Jan-15 |
OMX STOCKHOLM 30 (OMXS30) - PRICE INDEX | 36.29 | 37.59 | 35.87 | 35.51 | SELL | Jun-15 |
OSLO EXCHANGE ALL SHARE - TOT RETURN IND | 19.05 | 16.54 | 13.32 | 10.6 | SELL | Sep-14 |
PORTUGAL PSI-20 - PRICE INDEX | -34.01 | -35.97 | -36.34 | -34.31 | BUY* | Jul-15 |
RUSSIAN MICEX INDEX - PRICE INDEX | 22.05 | 24.2 | 29.57 | 32.14 | CANCEL SELL | Jan-15 |
SWISS MARKET (SMI) - PRICE INDEX | 15.74 | 15.82 | 14.16 | 14.47 | CANCEL SELL* | Jul-15 |
*New signals
Source: Thomson Datastream