I’m reading more about bearish calls on stocks than I am bullish ones but thought I’d review some charts to check for myself. About all I can come up with at the moment though is that most major global stock indices seem to be ‘consolidating’. Now, whether this is consolidation before a bearish or bullish breakout remains to be seen BUT, at least, I have some trend lines to watch for guidance here!
S&P500 monthly: consolidating above the breakout 1,600 level and monthly support but below the all time high:
S&P500 weekly: some trend lines to watch here but not much help from the ADX as there is no uptick with any bearish or bullish ADX/DMI momentum just yet. Watch for any that evolves along with a trend line breakout though!:
DJIA monthly: as for the S&P500, this is holding above the 14,000 breakout level and above monthly support for now:
DJIA weekly: no uptick with any bearish or bullish ADX/DMI momentum here yet either. Watch for any that evolves along with a trend line breakout here too!
NASDAQ monthly: still below the 5,200 resistance level:
NASDAQ weekly: No uptick with any bearish or bullish ADX/DMI momentum here yet either so watch for any that evolves with a trend line breakout:
Russell 2000 monthly: this chart has a Bull Flag look to it:
Russell 2000 weekly: stretched out on the weekly though and you could make a case for a bearish H&S. No momentum-based ADX help here just yet either so watch the trend lines:
DAX monthly: still above the 8,300 breakout level and monthly support:
DAX weekly: a Bull Flag forming here? As with the other weekly charts, there is no uptick with any bearish or bullish ADX/DMI momentum just yet and so watch for any that does evolve along with a trend line breakout, up or down:
FTSE monthly: still below 7,000 and certainly looking heavy:
FTSE weekly: the recent wave of bearish momentum had slowed though so watch for any new trend line breakout, up or down:
TSX monthly: the index couldn’t hold above 15,200 and looks vulnerable as it tries to hold above 13,000:
TSX weekly: bearish momentum might be about to pick up again here but I’d be watching carefully for any potential support from the triangle trend line:
XJO monthly: there’s been a lot of bearish banter here but the ASX-200 is managing to hold above monthly support for the time being:
XJO weekly: as for Canada’s TSX, bearish momentum might be about to pick up here on the weekly BUT note the consolidation within the triangle and watch out for any support from the monthly trend line.
Hang Seng monthly: below the 24,000 level:
Hang Seng weekly: also consolidating below this resistance though so watch for any trend line breakout: