Chart Update
As frequent readers of The Trader know, we have been rather bearish on the markets over the past months. The formation we wrote about during the “topping” out phase, all broke down, and have now reached crucial support levels. We are not suggesting this is the all in bottom, but from a trading point of view, many European indices are reaching support levels and we are probably looking at an aggressive boune to the upside. Our long term view is still with a bearish bias, but in the short term time frame, we expect the support levels to hold.
Essential chart update below.
DAX
Stoxx
MIB
IBEX
OMX
Hmm, US Futures missing in your great chart update. Oh well, in my opinion we are at the bottom of this swing, a bounce is ready to start. maybe markets follow XAU bounce? Also very nice uppers in Agriculture – worth checking da charts.
Europe not yet finished, but when us bounces, of course europe will also to – why? because USA is still the leading wulfe.
As usual, my simpe view of the things.
Good luck.
Twitter @be__short