I have no access with my blog for the past week, and noticed that Europe and U.S. made into new highs for the past months.
We should now issue a warning for this possible 7400 peak in short term or maybe in long term. Initial resistance we are watching was 7000 level, and it was passed through easily that made help U.S. get into new 52-week highs.
All other European Nation like France and U.K. are also in this type of 5yr resistance, all charts seems to be the same.
Bellwether for U.S. Economy has been strong gaining almost 20% for the past 4 months since the bottom in May-June. We saw European funds get into the Highest Yields YTD. And we now issue a warning signal to continue to lighten,due to deteriorating Economy plus Spain made a new low, hitting below 2007 levels, a very bearish economy.
Stay light for now, as Negative Divergence in MACD and RSI are seen in European and U.S. Indices.
Short Term: Uptrend with resistance of 7433.
Medium Term: Sideways
Long Term: Long Term 5 yr downtrend resistance still intact and declining.
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