This is SP500 five minutes chart during the last five days. Here you see three tops and a break below the middle bottoms. Fridays started with the break down fall but then built a bottom which in the last hour rallied to close above the bottoms. The top formation is powerful and I think the last rally will not go much higher on Tuesday - Monday is closed in the U.S. Dow got the same picture. The daily trends are still up but the 2 hour trends are down for most of the indexes. DOW is still the strongest and then comes SP500. FTSE has moved 9 days sideways and the daily trend has turned down on Friday. DAX moves sideways but the 2 hour trend is down by Friday close so I expect Monday for these two indexes to be down. I need to see the beginning of Europe trading Monday morning to confirm this. Since US is closed the trading might be slower than usual.
The EURO closed at a weekly resistance point and might take a new low the first days of the week.
The fundamental input will come from big company results this week. The big picture shows the European indexes blocked to go much higher by the falling 8 months MA and on the downside is the rising two week trends.
No comments:
Post a Comment