Germany
is still in the spiral of temptation to breakout above its 5 yr
downtrend lines. It has been a month already hovering around the
resistance levels. We also had a warning signal on its weekly charts,
activating a warning of RSI > 70, the 1st time to get into this level for 2012, last was Q1 2011 where quick selloff happened after the incident.
Watch for more price action, either:
Breakout above 7400
Selloff back to 7000,then 6600.
S&P
made a new 52 week high last Mid September, and a warning of RSI >70
popped up also,for the daily charts. After hitting that high, S&P
went to a sideways to down pattern on hourly charts, but is still in
uptrend for Short Term with support at 1430.
Elliot
Wave count suggests that the 52 week high could be a the end of Major
Wave 3 of Primary Wave III, or just a minor wave 1 of the current Major
Wave 3 of Primary Wave III rally. Both ways suggest a result of
correction, that might ended already at 1433, or will continue to
correct further if it goes down below 1430.
Short Term: Uptrend, but threating a breakdown. A BUY when S&P revisits 1380 levels. Wait for more price actions.
Medium-Long Term: Uptrend
Hong
Kong rallied the most in Asia with 16% since June. And still could be
the underperforming market together with China(-20% for 2012) all over
the Globe. HangSeng revisited its 2012 high at 21500-22000, and has a
barricade of strong resistance levels in that area. If it can break
through with the 2012 highs, it can reach 22800 for the medium term
downtrend resistance. RSI now at 75, overbought level.
Short Term: Uptrend but overheating
Long Term: Sideways
NASDAQ
showing symptoms that more selloffs could be coming, NASDAQ recently
sold off too much that it broke down its short-medium term uptrend line,
that could lead to 2950 initial support.
Australia
had its best rally since 2010. Gaining 12% in 4 months time. And the
very first time to reach an overbought RSI at 76 since 2010. There are
many resistance levels on 4600,4650,4700,4750 before it can revisit 5000
level(2011 highs). The negative MACD Divergence is telling that short
term may be it,and correction is coming.
Short Term: Uptrend but overheating
Long Term: Sideways
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