Global stock markets testing key support levels

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Chartist Chris Kimble shared some interesting charts and thoughts on financials and markets in general on Doug Short’s blog.

Click here or on the graph for a larger view.

Click here or on the graph for a larger view.

Kimble said: “The Financial Select Sector ETF (XLF) is breaking some key support, and we all remember that the direction of banks was key back in 2007/08. The S&P 500 Index, emerging markets, China, Shanghai and Hang Seng are all on support that dates back to their 2009 lows. With markets all around the world, testing key support from the 2009 lows, at the SAME TIME, it sure is good news that our markets [US] aren’t highly correlated these days and that diversification is of real benefit!”

Source:, May 13, 2011.

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