Technically the weekly trend is the most important for the
long term trend. The drop during Monday and Tuesday and trading so far
Wednesday has made the very important 8 week MA turn down for all indexes but
the DOW. The week is not over until close on Friday but so far SP500 and FTSE
is trading below this MA which now has become resistance points, SP500 1.237
and FTSE 5.475. The DOW which is the strongest index has been holding above its
8 months falling MA at 11.952 for a long time, but suddenly fell yesterday to
close below at 11.949.6.
Today’s trading is above yesterdays close in all indexes
after 90 minutes trading in Europe but below the new resistance points. Much
can happen to change this situation before end of the week but once broken is
always broken is my key word.
Finally the EUROS new low yesterday is very important sign
for the long term picture. The currency is now technically very bearish long
term.
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