Since today’s earlier post mentioning the recent bearish price action in the European equity markets, I have updated the live charts with additional commentary and downside targets/support levels. Click to expand the first chart below & then click anywhere on the right side of each chart to advance to the next chart. Once opened, each chart can be zoomed further by using a mouse scroll wheel, touchpad, or by dragging the lower right-hand corner of each chart. These updated charts are also accessible via the Live Chart Links page.
This video covers the major global equity indices on various time frames. As this comprehensive video spans just over 30 minutes, the indices are covered the following order for those wishing to skip ahead to a particular index: $SPX (US), $TSX (Toronto), $FTSE (London), $CAC (Paris), $DAX (Frankfurt), $AORD (Sydney), $SENSEX (Bombay), $SSEC (Shanghai), $HKHS (Hong Kong), $NIKI (Tokyo).
Although it took over two hours of analysis and annotations to create these charts, with a few clicks of the mouse you should be able to travel around the world to view nearly all of the major global equity indexes from a technical perspective in under a minute. All of the indexes below are shown with the daily time frame chart first followed by the weekly time frame, except for the $HKHS, in which the weekly chart was substituted with the more significant monthly chart. Click on the first image to open, then click on the right-hand side of each chart to advance to the next one or left click to go back to previous chart(s). The following indices are shown in this order: $SPX (S&P 500), $TSX (Toronto), $BSE (Bombay), $SSEC (Shanghai), $HKHS (Hong Kong), $NIKI (Tokyo), ($DAX (Frankfurt), $CAC (Paris), and the $FTSE (London).
I continue to observe most key global stock indices breaking down from well-defined bearish patterns and still believe that it is only a matter of time before the US markets follow suit. I plan to update the charts on many of these key global indices throughout the day, starting with the Frankfurt Dax Index (daily time frames) below, including a few of the previously posted charts for reference. As far as the targets that I have been listing on many of the global indexes, these are only the current targets that I believe have a high probability of being hit in the upcoming weeks/months. Only as/if prices begin to approach those targets will I be able to assess if those will likely be the final targets, before the primary uptrends in those indices resumes, or if additional downside targets are likely.
For those receiving email notifications of new posts, I will suppress the notifications on the remaining indexes until the last one is posted so feel free to check the site throughout the day if you have an interest in any of the non-US markets. I continue to be very preoccupied with various backend programming issues on the site as well as a few other things and as such, it may take a little longer than usual to reply to any emails this week. $DAX daily charts in order as recently posted below with the updated chart (not yet reflecting last night’s drop) last:
So far, the European Markets are playing out exactly as expected. These are the updated daily charts of the $FTSE & $DAX along with the previous two chart for reference (prices reflected as of Friday’s close). These patterns are about as clean as they come as these updated charts show, the $FTSE & $DAX have a clear pattern of stair-stepping higher in these wedge patterns. While both major indices are getting close to my first bounce targets, I do believe that those level will ultimately give way and open the door to additional downside, especially if/when the US markets begin to follow suit.
These are the updated daily time frame charts of the London FTSE 100 Index ($FTSE) and Frankfurt Dax Index ($DAX). Note: These screen shots were taken last night and both indexes have moved slightly lower since.
These are the daily & weekly time frames for the London FTSE 100 ($FTSE), Frankfurt Dax ($DAX) and Paris CAC 40 ($CAC) Index. The charts are pretty much self-explanatory but feel free to contact me if you have any questions.