View attachment 18479
As I continue my TA education I realized that I was becoming to mioptic in my analysis. Primarily looking at just one indicie such as the SP-500 over specific time frames. I have begun to look at world markets as well as all of the US markets over various time frames, monthly, weekly daily etc. Above is a chart of the FTSE. This chart is reflective of what is also occurring in the CAC 40 and the DAX. These markets have topped in mid-March and have been making lower highs and lower lows since that time. They all have the same bearish H/S patterns which have broken the neckline and indicate the extent of the damage to be near their respective 200DMA. They all have broken their respective 20/50DMA. The FTSE chart is from yesterday's close. At the time of this posting the European markets are down anywhere from .38% (FTSE and CAC 40) to .85% (DAX).
The US markets are definitely at a crossroads as pointed out by a few members. The DJIA, W4500 and the RUT2000 have broken their respective 20 DMA and have closed below them. More importantly they have broken a 6 month trendline from their October/November lows!!! The SP-500, QQQ, and NDX closed yesterday in the vicinity of their respective 20DMA. The US futures at the time of this posting are down app. .40%. Will the US markets follow the European markets???? What do you think???