The recent weakness in just about all global equity markets is due to news of the coronavirus outbreak.
I believe this selling will provide a buying opportunity in many global equity markets.
Currently, my analysis says that the S&P 500 (SPY) remains on track for 3500. And we continue to favor technology stocks.
The iShares Software ETF (IGV) is on our bullish radar, and I like several names.
I am maintaining a favorable bias for the major European markets as well as for the Nikkei.
Both the iShares Emerging Market ETF (EEM) and Brazil ETF (EWZ) triggered a buy signal for us.
See annotated charts and analysis below.
S&P 500 Index Chart
Software ETF (IGV) Chart
German DAX Chart
Emerging Markets (EEM) Chart
The author may hold positions in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
