If these are valid resistance levels, day-day price action will show up bearish reversal patterns that are very easy to spot in the zigzag action.
Copper, DAX30 and FT100 show different but compelling potential bearish reversal setups. DAX30 and FT100 are loss leaders among major stock indices. Copper prices on the other hand has a positive correlation with stock indices so bearish setups in these three should be treated as confluent signals.
Despite the severe bearish action around the globe yesterday following Kim’s missile flying over Japan and a sharp, not-unexpected u-turn during US trading hours, stock indices really did not make any significant move. Major indices are still trapped between last week’s (Jackson Hole) range except for DAX. It is a loss leader…
Stock indices continue to be bullish. DAX 30 is correcting, Nikkei 225 could be correcting soon. Until 13-week ema is broken, no reason for alarm.
These could be leading elements of weakness among stock indices. Likely softening due to profit taking since they are not anywhere near to sweet spot that would entice sellers to come in.
I share my observations of DAX30, EEM, Nasdaq 100. Considering how stock indices have been exceptionally risk-averse, exuberant, buoyant, I consider all these setups here as high risk.
Price action in 8 forex, stock indices charts might be shaping up Q3 to be market top for the whole of 2016. When viewed against the big picture all of them looks just like retracement. The levels are clear, the confirming price action is clear, just need the trigger to show when.