With most of the major global equity indices recently breaking below key uptrend lines and/or bearish chart formations, complete with negative divergences in place, the U.S. markets are most likely not far behind. Most of these chart were published in the August 6th "Around the World in 60 Seconds" post and live versions of many of these charts, along with the major US indices not shown here, can be found under the Live Charts page. Remember, despite the apparent resiliency of the US markets, we are still just a bad day or two away from smashing through the primary bull market [...]
I've added a few extra annotations to some of the global stock indices in which links to the live charts were posted yesterday. I've also posted some those charts in an easy to view gallery format below. Simply click on the first chart to expand, then click anywhere on the right of the chart to advance to the next one (or click on the left of a chart to view the previous chart). Live links to each of these chart are available under the Live Charts page.
China's Shanghai Composite Index ($SSEC) has broken above it's most recent downtrend line which is near-term bullish, especially considering the positive divergences in place on the most recent move lower as seen in this daily chart (first chart). The bigger picture, as shown in the weekly chart (2nd chart) shows that China clearly remains well below it's primary bear market downtrend line which dates back to the 2007 peak. Translation: Short-term bullish, longer-term bearish. The next chart is the daily period of Hong Kong Hang Seng Index, which shows that prices are approaching the apex of a large symmetrical triangle pattern [...]