With the big push in the markets recently, global markets continue to break out to 52-week highs. Brazil hosts the world in three weeks with the Olympics. I don't think the recent Brazilian stock market ($BVSP) performance is Olympics-related, but Brazil is pushing to new 52-week highs for the first time since September 2014.
The next commodity-based market to highlight is Russia ($RTSI). This is the first 52-week high since April 2011. Yes, the first 52-week high in 5 years. The 200 DMA has turned up and the Russian market is outperforming the $SPX slightly as shown on the purple area chart.
Australia ($AORD) posted a strong week but needs a little more work to make new 52-week highs. The last time this chart hit a 52 week high was April 2015.
The Canadian $TSX has been rocketing up. This market is only 65 points away from a new 52-week high. Canada's last 52-week high was September 2014.
In summary, the commodity country indexes around the world are moving to new 52-week highs. In most cases, it has been multiple years since the last highs were made. This would appear to be a very broad, worldwide push. My take would be that we are probably not in a bear market when we are breaking out to new 52-week highs.
I'll continue to review some commodity industry groups later on in the week. I'll also cover this off on the Commodity Countdown webinar. Commodities Countdown Webinar 2016-07-21 is the next one, so I hope you can join me. Click on the link to register. You can also follow me on twitter @Schnellinvestor and LinkedIn.
Good trading,
Greg Schnell, CMT, MFTA
