Two markets did, however, buck the bullish trend and gave sell signals. The share prices for the constituent companies for the pharmaceutical and the tobacco indices have been rising and are now deemed to be overpriced. Both of their index lines have met a resistance level and a correction looks to be in the offing, so their signals appear to be spot on.
The other market that produced an unofficial buy signal in September was the IDX composite index for Indonesia. The IDX has been flying high and from 2009 to date it has risen 228 per cent - way outperforming the FTSE All-Share index over the same period - but its constituent companies' share prices may have priced themselves out of the market and nervous investors could start to take profits. This signal is unofficial because it turned up while still in its positive phase, so it may turn out to be a very short-term buy and any would-be investor should watch the market very closely.
All of the remaining markets have performed well since their IC/Coppock buy signals were given over the summer break, and those that produced signals earlier on performed even better. Ireland was up 29 per cent (it turned in October 2011) and South Africa Industrials (changed direction in June 2012) rose 20 per cent.