Below are some random charts worth viewing.
SPX. Some major resistance levels are here. Note the rising wedge, and how far we have come since the Nov/Dec top levels.
Eurostoxx 50. The trend is much weaker than the SPX trend. Index has reached some critical levels. Note we are at those Nov/Dec 11 top levels, ie much weaker than the chart above. Eurostoxx has been forming a rather big wedge formation over the past months.
MIB. Index has reached critical levels here too. The same underperformance can be noted here, as we trade at those Nov/Dec 11 levels.
IBEX. The Spanish index has been a relative dog. This week the Ibex tested the long term trend, and broke down from a wedge like formation. We have been arguing that Spain will be the next Eurocountry to be focusing on.
VIX. After the initial pop up earlier this week, everything went “back to normal”. We suggest buying vol on those dips, as volatility is slowly returning. With term structure at extreme levels, best pick are shorter maturities.