Since the main fundamental question is the Euro crisis I believe myself that where the Euro goes the stock markets will go.
PART 2, The Stock indices.
The indexes looks more or less like the Euro daily chart above. The Spanish IBEX looks the worst with the 8 week MA down before crossing the 21 week falling MA.
This is what it looks like. More or less as the Euro week chart but here the MA is turning down just before it hits the 21 MA. This use to be a very bearish sign. There is no chance what so ever to get above this falling 8 MA for the next 8 weeks if the down fall should stop here. It also use to be a very power full "push further down" sign.
The Italian MIB and the French CAC will get their 8 MA down when the new week have started and they have a bit more to fall than IBEX. DAX, FTSE, SWED and the EURO can theoretically still avoid this situation another week or two. DOW and SP500 still have their MA's on upside but they could turn sideways soon or down if a big drop happens.
Next Wednesday the falling 8 month MA:s will cross the 21 month MA and become definite bear markets for DAX and FTSE. DOW, SP500 and the EURO will still only be bear markets, which theoretically can be reversed, but have their falling 8 MA:s down steeper after this last day of November.