The German market formed Double Top pattern since end of February 2014. Although it has been bouncing in the last few days but is facing resistance at its 100 day moving average. It looks like the bounce is over and it will be turning back down.
The UK market has been in a trading range since October last year and has been coming down to near the bottom of range. It may be ready to go under if it follow its European counterpart's performance.
The Japanese market is trading below its 50, 100 and 200 day moving average and is in a down trend. It just renew its downside momentum by dropping 1.65% yesterday. A big bad bearish Head and Shoulder pattern has formed.
The Shanghai stock index has been in a down trend for years. It has been struggling to hold the critical 2000 level recently but failed to do so yesterday. It is looking like it probably will accelerate to the down side from here.
The Hong Kong Hang Seng Index accelerate to the downside after it failed to hold its 50, 100 and 200 day moving averages. It failed to hold its February low yesterday and looks going lower.
Will the US stock market going alone to all time high ignoring the bearishness all over the world? We will have the answer very soon. But situation is not looking good.
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