Some important charts for today's markets
David Fuller's view Euro
STOXX Bank Index (weekly
& daily) - So far, not too bad recently
as support has been encountered from the 2009 lows and this Index is still very
oversold relative to the MA. We need to see a rally next week, preferably above
the small key day reversal which occurred at last week's high. Conversely, a
move back below 100, not to mention a new low, would confirm that European concerns
are still rising.
Italian
Govt 10-Year Bond Yields (weekly
& daily) - Italy's
debt is the big concern, being much more important than that of Greece. Today's
downside key day reversal offers some welcome respite but a much larger decline
is required to ease concerns.
Germany's
DAX Index (weekly
& daily) - Steadied above small base
but given Monday's downside key day reversal, which has seen little follow through
to date, a break up out of this tight range is required to indicate further
recovery scope towards the next area of potential resistance commencing at 6500.
USA's
S&P 500 Index (weekly
& daily) - Upward break from small
consolidation near late-August & September highs - a close beneath 1190
is now required to indicate an upside failure rather than scope for a test of
resistance evident above 1250.
Please
listen to the Audio for comments on many more markets.