While European and Asian equity markets continue to trend sideways or lower (except Shanghai Composite), the U.S. S&P (also DJI and NASDAQ) index has had a sudden 7.9% rally after September/Octobers initial 10% sell off. However the 3 main indices have now reached critical levels of overhead supply (selling pressure). They must make new highs for the year to confirm the long term trend higher. If selling pressure can retake “the battle” there is an increasing likelihood we see lower peaks followed by lower troughs and a new medium term down trend.
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