With all major stock indices sitting at major support levels on their weekly charts, are you positioned to take advantage of any impending breakout to the downside?
Bring up your weekly charts and add the following levels to your watch-list.
S&P 500 Weekly:
DAX30 Weekly:
SPI200 Weekly:
Nikkei 225 Weekly:
Click on chart to see a larger view.
Traditionally, markets take their lead from the US and in this case we see the S&P 500 chart is still sitting above support. If that level goes, you’re going to see stops going off galore and the potential for some serious technical damage being done throughout stock markets worldwide.
I can see the headlines of ‘Bullish Trend Officially Over’ flashing red across CNBC screens already!
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