Technical outlook of world markets EOW ( end of week) for educational purposes only.
This is the WEEKLY chart that I look at EOM ( End of month ) basis. Since non – members can not construct a monthly chart @ stockcharts.com, I have switched to a weekly time frame to have a broader understanding of the world markets in the BIG PICTURE. We know that all are in a corrective/pullback modes, within a major uptrend except the BRENT OIL which is in a BEAR MARKET. Again in the order of XAO being the main window, underneath in the order of SP500,GERMAN DAX,CHINESE SHANGHAI and BRENT OIL. We have touched base to XAO already at the last post.
My measure of a major trend with the FOREIGN MARKETS is the 50 period SMA, which is almost equivalent to 12 period on MONTHLY charts. SP,DAX as well as SHANGHAI are all trading and closed above their 50 period moving averages. So the major trend as of this writing with those are still UP. By next week it may be a different story, but lets wait for the evidence without speculating. Yes, there are lots of negative developments in the short as well as medium terms without a doubt which may effect the major trend but the evidence to date is not there.
I hope to sort out some of glitches with the website within a week or so.