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All Charts reviewed below are on a Daily timeframe.
US share markets took a hit into the weekend and the negativity is flowing over into the Asian market session. It is no secret that I have been cautious and concerned for the price action as covered on many occasions in the The Trading Day Morning Jumpstart Macro Review.
The price action on the major share market Indexes are under pressure with the US majors all breaking down out of long term uptrends. Momentum is turning south so if major support zones do not hold on the SP500, DOW and Nasdaq, then we will be in for a rough ride. The ASX200 extended into all time highs before failing so expect to see more negative action tomorrow.
Now is NOT the time to be complacent with stock portfolios and may even be a good time to look for shorting opportunities into Indexes. You will have to know your risk for each position you have, know where you are proven wrong and have a plan to exit if markets start to meltdown.
Below are the major levels I see coming into play on my KEY Indexes.
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ASX200 Index
DOW Index
SP500 Index
NASDAQ Index
Hang Seng Index
Nikkei Index
DAX Index
FTSE Index
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