Parallels with 2007 - in relation to the US stockmarket
Parallels with 2007 - in relation to the US stockmarket. Last week QMG provided a technical analysis based warning to clients relating to the unsustainability of the US rally, specifically highlighting the parallels between the broad rally that commenced in early 2009, to the rally that occurred between late 2002 and late 2007. The S&P500 index has recently been positioned at the upper end of a well-established trend channel. It was similarly positioned in late 2007. The S&P500 index had also been recently located in the same extreme overbought territory on a RSI/ momentum basis that occurred in 2007.
Angela has over 30 years experience in the technical analysis field. She provides technical analysis coverage of major Australian and global stocks / key markets, including provision of a bespoke technical service to wholesale clients.