The likelihood of a turnaround of the last few days rally is increasing but the trend is not ready yet. DOW and SP500 are trading between the rising 21 hour MA and the falling 8 hour MA on the hourly chart. I want to see a cross between the MA's and the 21 MA turning down to be sure. The 8 MA can still turn up before crossing and then an other wave up will follow. European indexes have fallen since opening but the trend could still change technically. However IBEX has taken a new low at 7.349.2 with the next S point at 6.819.5. If IBEX should try upside the R point is 7.409.7