Global stock markets are rising today, and Russia is falling. This is a very straightforward negative divergence that Putin cannot be enjoying. Since my “Fading Fast Money” (Commodities) note on 5/20/08, Russia has lost -15.1% of its value.
Long term support for the RTSI Index is 2133, and today we’re seeing that line broken. As a leading indicator, this does not auger well for energy prices.
It is global this time, indeed.
Chart courtesy of StockCharts.com