All indexes changed trend to up in the U.S and Europe. So far only the 2 hours trend is up but this can signal further strength. Most of the markets were heavily oversold and the indexes rose mainly on short covering, first wave came in Asia and Europe and later a second wave in the U.S. The new trend was still strong at close in Europe. The two indexes which have sell signals performed like this today. IBEX has broken the big triangle this week and last week on downside but today the market followed the Dow up to close above the falling 8 days MA. I see the performance as a technical correction but the index can move higher. Today's close was 10.126 and the real resistance starts at 10.329. FTSE 100 closed at 5.813 and resistance will come in at around 5.902.
S&P500 index in the U.S. has not got a long term sell signal yet. The new 2 hour uptrend is now in place and the aim was probably first to close a gap at 1.288. Today's top was 1.292 and the last hour profit taking took the index to close at 1.288 which is above the falling 8 day MA.
Today's move was expected because of the last hours trading in New York on Monday with an upside spike on the one hour chart. There is no change in the long trend so far.
S&P500 index in the U.S. has not got a long term sell signal yet. The new 2 hour uptrend is now in place and the aim was probably first to close a gap at 1.288. Today's top was 1.292 and the last hour profit taking took the index to close at 1.288 which is above the falling 8 day MA.
Today's move was expected because of the last hours trading in New York on Monday with an upside spike on the one hour chart. There is no change in the long trend so far.
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