David Fuller's view

Another new all-time high for iconic Apple but clearly overbought in the short term.  Nevertheless, initial support starts near $120 and the move above this level over the last three days has increased confidence on Wall Street.

The Nasdaq Composite Index was the first major US Index to reach a new all-time high this morning, closely followed by the Nasdaq 100 this afternoon.  Closes beneath 4500 and 4000, respectively, would be required to confirm potentially important upside failures from what currently appear to be upside continuation patterns.

The DJ Euro STOXX 50 Index is steady in a consolidation of its important break above the broad trading range of the last seventeen months.  While temporarily overbought in the short term, only failed talks with Greece, among known factors could lead to an upside failure, especially as €60bn of QE commences next month. 

The German DAX Index pattern over the last seventeen months is very similar to DJ Euro STOXX 50 above and it has the same outlook. 

The Japan Topix Index appears close to completing a consolidation of the break above the big May 2013 to November 2014 trading range.  A sustained push above 1460 would reaffirm the bull market which began in late 2012, and a decline beneath 1400 would be required to delay this prospect.