SP500 is trading along a rising channel. However, SP500 did not
touch the previous high of 875 made on 17 April. This is the first sign that
the market may be exhausted. If SP500 breaks down 843 support level, it is very
likely that the bear market rally is over, and we are into a brand new leg down
towards 675, or even 400.
Down Jones seems to be forming a Head-Shoulder top formation,
with neck line at 8100. There are two touches on the left shoulder, and only
one on the right side. We may see another touch in the next couple of days.
If Dow Jones can not break up through 8100 decisively, then it is very likely
the index will retest the previous low at 6500.
NASDAQ is a lot stronger than SP500 and Dow Jones.
More analysis below:
| US Stock Market | Gold |
| UK Stock Market | |
| Europe Stock Market | |
| China Stock Market |
