There was little cheer for equity markets on the Coppock front in October – a solitary buy signal on Greece’s Athex Composite and a handful of cancelled sells/unofficial buys are hardly temptation for all but the most ardent signal follower. And while many markets’ Coppock readings are heading towards or are already in the so-called negative phase from which they are able to produce official buy signals, there is little sign of them doing so – with a few exceptions, most continue to head downwards.
But there was respite on the commodities front, with official buy signals on three of six Goldman Sachs Commodity Indices we track: gold, precious metals and crude oil, adding to the buy signal on agricultural commodities flagged in August. To suggest this marks a definitive turning point for the commodities complex could be premature, though, given the extremely marginal shift upwards in the reading. But Coppock’s recent track record on commodities has been good, registering sells on gold and crude oil in December 2011 and July 2014 before the price of both collapsed.
October's Coppock signals
| Buys | Sells |
| Greece Athex Composite Index | None |
| S&P GSCI Gold Bullion Total Return Index | |
| S&P GSCI Precious Metals Total Return Index | |
| S&P GSCI Crude Oil Total Return Index | |
| Cancelled sells | Cancelled buys |
| France CAC 40 Index | None |
| Italy FTSE MIB Index | |
| South Africa JSE Top 40 |
| North America | Jul | Aug | Sep | Oct | Latest signal | Latest signal (date) |
| SPX | 21.01 | 16.69 | 11.9 | 9.62 | SELL | Mar-14 |
| DJINDUS | 15.99 | 11.74 | 7.46 | 5.68 | SELL | Feb-15 |
| NASDAQ 100 | 40.06 | 35.28 | 29.62 | 27.2 | SELL | Sep-14 |
| NASDAQ COMP | 34.35 | 30.59 | 25.68 | 23.3 | SELL | Apr-14 |
| S&P/TSX | 5.48 | 0.65 | -4.59 | -8.91 | SELL | Oct-14 |
| Asia Pacific, Africa | ||||||
| BANGKOK S.E.T. - PRICE INDEX | 16.1 | 8.39 | 0.75 | -5.38 | SELL | Apr-15 |
| FTSE BURSA MALAYSIA KLCI - PRICE INDEX | -8.92 | -12.85 | -15.93 | -17.3 | SELL | May-14 |
| FTSE CHINA B 35 - PRICE INDEX | 86.69 | 76.54 | 65.59 | 57.8 | SELL | Jul-15 |
| HANG SENG - PRICE INDEX | 23.19 | 17.37 | 8.89 | 3.78 | SELL | Jul-15 |
| KOREA SE COMPOSITE (KOSPI) - PRICE INDEX | 4.39 | 2.73 | 1.41 | 1.26 | SELL | Jul-15 |
| IDX COMPOSITE - PRICE INDEX | 17.221 | 9.001 | -0.702 | -7.745 | SELL | Apr-15 |
| STRAITS TIMES INDEX L - PRICE INDEX | 8.66 | 2.82 | -4.41 | -8.74 | SELL | May-15 |
| TAIWAN SE WEIGHED TAIEX - PRICE INDEX | 11.21 | 4.55 | -1.24 | -5.43 | SELL | Sep-14 |
| TOPIX - PRICE INDEX | 57.66 | 55.62 | 49.3 | 46.31 | SELL | Aug-15 |
| ASX 200 | 9.2 | 6.6 | 1.5 | -1 | SELL | Jun-15 |
| NZ 50 | 17.99 | 16.08 | 12.86 | 12.31 | SELL | Mar-15 |
| JSE TOP 40 | 13.34 | 9.82 | 7.09 | 7.83 | CANCEL SELL* | Oct-15 |
| SENSEX | 45.63 | 35.73 | 26 | 17.54 | SELL | Mar-15 |
| South America | ||||||
| MEXICO IPC (BOLSA) - PRICE INDEX | 12.73 | 10.26 | 6.8 | 4.9 | SELL | May-15 |
| BRAZIL BOVESPA - TOT RETURN IND | 1.31 | -4.03 | -10.6 | -17.12 | SELL | May-15 |
| MSCI EM LATIN AMERICA U$ - PRICE INDEX | -42.168 | -49.464 | -57.281 | -62.787 | CANCEL BUY | Nov-14 |
| Europe/UK | ||||||
| AEX INDEX (AEX) - PRICE INDEX | 37.64 | 34.06 | 29.3 | 27.3 | SELL | Aug-15 |
| ATHEX COMPOSITE - PRICE INDEX | -65.83 | -71.4 | -72.6 | -71.85 | BUY* | Oct-15 |
| ATX - AUSTRIAN TRADED INDEX - PRICE INDEX | -3.63 | -2.05 | -1.14 | 2.01 | BUY | Feb-14 |
| BEL 20 - PRICE INDEX | 36.93 | 33.76 | 29.98 | 28.01 | SELL | Aug-15 |
| DAX 30 PERFORMANCE - PRICE INDEX | 33.24 | 30.13 | 25.9 | 25.02 | SELL | Aug-15 |
| EURO STOXX 50 - PRICE INDEX | 23.222 | 19.824 | 16.015 | 15.035 | SELL | Aug-15 |
| FRANCE CAC 40 - PRICE INDEX | 23.18 | 21.64 | 19.95 | 20.62 | CANCEL SELL* | Oct-15 |
| FTSE 100 - PRICE INDEX | 1.28 | -1.4 | -4.63 | -6.53 | SELL | Jun-15 |
| FTSE 250 - PRICE INDEX | 17.61 | 18.71 | 18.71 | 18.61 | CANCEL SELL | Feb-15 |
| FTSE ALL SHARE - PRICE INDEX | 3.92 | 1.9 | -0.75 | -2.3 | SELL | Jun-15 |
| FTSE MIB INDEX - PRICE INDEX | 17.74 | 16.17 | 15.41 | 16.77 | CANCEL SELL* | Oct-15 |
| IBEX 35 - PRICE INDEX | 13.23 | 8.22 | 2.54 | -0.1 | SELL | Sep-14 |
| IRELAND SE GENERAL (ISEQ) - PRICE INDEX | 54.34 | 58.93 | 61.67 | 64.15 | CANCEL SELL | Jan-15 |
| OMX STOCKHOLM 30 (OMXS30) - PRICE INDEX | 35.51 | 32.18 | 26.62 | 22.85 | SELL | Jun-15 |
| OSLO EXCHANGE ALL SHARE - TOT RETURN IND | 10.6 | 5.65 | 1.9 | 1.42 | SELL | Sep-14 |
| PORTUGAL PSI-20 - PRICE INDEX | -34.31 | -33.36 | -30.21 | -24.31 | BUY | Jul-15 |
| RUSSIAN MICEX INDEX - PRICE INDEX | 32.14 | 34.8 | 34.95 | 35.48 | CANCEL SELL | Jan-15 |
| SWISS MARKET (SMI) - PRICE INDEX | 14.47 | 12.18 | 9.23 | 7.39 | SELL | Aug-15 |
*New signals
