The ASX 200, China H-shares index, and Nikkei 225 have broken below trend lines formed from the lows of late 2008 and early 2009. The India Nifty 50 Index is on the verge of breaking below a key trend line formed from multiple intermediate lows from 2009, 2010, and earlier this year. Bearish crosses of the 40 and 18 week moving averages for those indexes argue that their trends are down at the weekly chart time frame, indicating probable lower prices in coming months.
|ASX SPI 200 has broken the trend line formed from the March 2009 low, and has also broken below the trend channel that contained its price action for the past year.|
|China H-shares index has broken the trend line formed from the late 2008 low. Note that the market broke the parallel trend line in 2008, subsequently trending down hard, falling more than 50% in six months.|
|Nikkei 225. The trend line break and bearish cross of the moving averages indicates a down trend at this time frame.|