Wednesday, 6 July 2016

Blog post: S&P 500, ASX 200, FTSE 100, Hang Seng, EURO STOXX 50, Nikkei & Nifty all at key trend lines, rolling over lower together?

Stock markets globally bottomed together in February, and it appears they are rolling over lower together now. The markets are testing key trend lines in a coordinated fashion, and any move lower from current levels would appear a bearish edge for coming weeks at the least. Charts in this post are for cash market futures or equivalent.

S&P 500 testing parallel trend line support. Not the cleanest trend line but the angle is important and the line has several touches. Combined with action in other markets, surely worth keeping an eye on. Ignore it if you wish! Each to their own.

ASX/SPI 200 testing trend line support

FTSE 100 rolling over lower from trend line resistance

Hang Seng testing trend line support

EURO STOXX 50 appears to have sliced definitively through trend line support

Nikkei appears to be leading the way, slicing lower from its upwards corrective channel in June. Now near key supports. Though there's no such thing as support in a bear market, and a break below the February low will prove the bearish case. Lets see.

Nifty rolling over lower from trend line resistance