Same template of the past and price action in relation to it’s 12 period SMA on this Monthly Chart with al,l other than XAO (All Ords.) . For XAO, 20% rule for a major trend change applies. We are a low momentum market, therefore XAO is treated differently than others.
In the main window XAO is shown which still considered to be in a MAJOR UPTREND, unless until we see a 20% drop from the April high.
Second window is the US Benchmark S&P 500 Index, which have also closed above it’s 12 period SMA, turning the bias back to BULL. As long as on EOM closing basis it trades above it’s 12 period SMA, S&P 500 is considered to be in a BULL RUN.
Third window is the German Dax which has also re-claimed it’s 12 period monthly SMA ( by just, but it is above it.), turning the bias back to BULL again.
Fourth window is the SSEC (Shanghai) which is still below it’s 12 period Monthly SMA, which is considered to be in BEAR MARKET.
Fifth and the bottom window is the BRENT OIL which still remains in a MAJOR BEAR MARKET.
Chart is courtesy of StockCharts.com
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