A long-term look at major markets
S&P 500 closed the week on or slightly below a major trendline. Dow has definitely violated its long-term uptrend and could possibly find resistance at a flatter uptrend or a downtrend channel. The DAX still seems to be the most positive chart to me, as the long-term uptrend is intact. This could change quickly though, if weakness continues into next week. Eurostoxx 50 looking similar to DAX, but closing this week slightly below the major trendline. Nikkei has broken its steep uptrend. A lower low is yet to be formed. SMI does not look healthy, breaking its rather flat uptrend to the downside. WTI Oil accelerating to the downside??? Really??? I expect a slowdown of the sell-off in the coming sessions.