Sunday, 24 April 2016

Dow, ASX 200, Hang Seng, STOXX, Nikkei, Nifty ALL testing trend line resistance. S&P 500 testing support. NASDAQ 100 leading turn lower?

The Dow, ASX 200, Hang Seng, EURO STOXX 50, Nikkei, Nifty are all testing daily chart trend line resistance. The S&P 500 is testing support after a brief pop higher above resistance. The NASDAQ 100 looks to have turned lower.

The question is, will the NASDAQ 100 lead the broader US market and global stocks in to a new down leg? As the NASDAQ lagged the US blue chip rally in recent weeks, I pointed out several times that if the NASDAQ is not leading the way higher, then it is often preparing to lead the way lower. Or will markets globally brush resistance aside? 

Daily charts for all those the above listed markets follow, and include all sessions trade unless otherwise indicated.

The Dow is testing trend line resistance. Chart shows a bearish Elliott Wave count. There are bullish alternates, but unless the market beats nearby resistance, I favour this count.

ASX 200 testing trend line resistance.

Hang Seng testing trend line resistance.

EURO STOXX 50 testing trend line resistance.

Nikkei testing trend channel resistance.

Nifty testing trend line resistance. Labelled wave count is medium or long term bullish, but I am not certain it is correct, given the global picture, and that the rally from the recent low is not a clear 5 waves. 

S&P 500 is testing trend line support at prior resistance after a brief pop higher... a bearish false upside break? 

NASDAQ 100 cash market chart shows a bearish island reversal.

NASDAQ 100 all sessions chart shows a turn lower from trend line resistance.