The main indexes are moving sideways and the 2 hour trends have turned down. The daily trends are still up.

At CET 06.30 the 2 hour trends are down. Here are the crucial support points that must hold to avoid a steeper fall. Dow 12.850, SP500 1.362.23, FTSE 5.661.75 and DAX 6.474.17.

The daily trends are up and the 8 day MA is another S factor. It seems to me that the top formation is complete or nearly complete. The most important news which can send the indexes to new highs or lows are the US unemployment figures at CET 14.30. New non farm payrolls are expected for June to 93.000 compared to May 69.000. Unemployment rate expected to be unchanged at 8,2 %.

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