The European indexes closed yesterday just below the falling 8 month MA. They all are in definite bear markets and the upside potential is very limited. This MA will fall another four months and it is seldom the trend is above this MA so I look upon it as a wall. The 2 hour 8 MA has a few more hours to go before it can turn down in Europe, that is of course if no more highs are taken. But remember the daily trend is now up and it can go on for five trading days. That is the 8 day MA which is rising from a very low point and it will take time to reach up to the trend.
The U.S. indexes have not got the falling monthly 8 MA to cross the rising 21 MA. The falling MA seems to continue for at least 4 months and DOW is currently above this MA where I do not expect it to be very long. DOW and SP500 both closed below the MA but this morning it has fallen due to a new month but DOW does not seem to react so far.
The bear markets are still very well in place and now I am looking to Fridays close of the weekly chart.
When this trend turns down the target is to close the gaps at the bottom. All gaps on the upside are now closed.
This is my first take after 90 minutes trade in Europe. I want to see that no index is taken a new high the next 6 hours.
I recommend no action, just stay and wait.
The U.S. indexes have not got the falling monthly 8 MA to cross the rising 21 MA. The falling MA seems to continue for at least 4 months and DOW is currently above this MA where I do not expect it to be very long. DOW and SP500 both closed below the MA but this morning it has fallen due to a new month but DOW does not seem to react so far.
The bear markets are still very well in place and now I am looking to Fridays close of the weekly chart.
When this trend turns down the target is to close the gaps at the bottom. All gaps on the upside are now closed.
This is my first take after 90 minutes trade in Europe. I want to see that no index is taken a new high the next 6 hours.
I recommend no action, just stay and wait.
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