This week most stock indexes globally have been range bound. Which way will the ranges break? Nobody knows. While the larger trends are up, if the Dow is anything to go by, US stocks at least are stretched.
ASX 200 range bound following break lower through short term wedge. 4 hour chart.
S&P 500 range bound between 2000 and September's high. 4 hour chart.
Hang Seng range bound, looks to be forming a bearish flag. 4 hour chart.
Zooming out to a weekly chart of the Dow shows it testing the top line of a 20 month old trend channel, running parallel to an even longer term prior channel. Ripe for a turn lower?