$ACWI bumping up against massive resistance
The All Country World Index ETF is facing stiff resistance once more at the 75$ level (5th test since Feb 2018). We have had a tremendous rally since the lows seen in December last year, but unless this level can break i would really be cautious chasing world markets. It is clear some US indices have broken to new highs, but the fact that we are still battling to break out on the ACWI ETF gives us an indication that the markets in the rest of the world are lagging those in the US. What also concerns me is the lack of volume seen in the recent rise since the December lows (infact - volume has been declining) as this ETF has moved higher..
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