The Sigma Whole Europe Index remains very strong and it seems markets are once again in a "no fear mood". Looking at the chart below, we can notice the consolidation is still valid and the market remains well above its critical supports.

Most EU indexes have the same pattern than the Sigma Whole Europe Index.

The Sigma Trend Index slightly increased to '7' and the Swing came in at '4' telling us the session was impulsive. Once again the market is betting on positive development for Greece and positive development for Ukraine. It seems investors aren't any more risk averse but became, thanks to central banks, the most hopeful people around the world.

The Sigma Whole MArket Index has been stuck in its red trading range for a couple of weeks, we need to wait for the breakout in order to get more information from this market.

The NDX lost some momentum but the Mid Cap 400 is strong at this stage.

The Sigma Trend Index increased to '17' and the Swing came in at '5', telling us the session was highly impulsive.

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The Sigma Whole Europe Index(SWEI) remains close to its recent top but it seems the market lost some of its momentum. Nevertheless, as we said last week, as long as the SWEI remains above its 3 horizontal supports, there is no real danger for the European equity market.

Looking at key European Indexes, the situation is roughly the same: indexes enjoyed a strong rally and most of them are losing some of their momentum. At this stage, the Stoxx600 seems the strongest one while the Ibex remains the weakest one (unable to print new highs in recent rebound).

The Sigma Trend Index is at '7' and all other indicators have been neutral (at '3') for a couple of sessions.

The Sigma Whole Market Index remains stuck in its recent trading range. We need to wait for a breakout in order to have a better idea of the next trend.

Looking at key US indexes, most of them are also in the middle of their recent trading range. But both the Russell2000 and the S&P Mid Cap 400 are very close to recent tops. So, those indexes are the most important one to monitor at this stage.

The Sigma Trend Index declined to '7' (same level than in Europe) and other indicators are neutral at '3'.

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The Sigma Whole Europe Index remains very well oriented, there is no sign of reversal at this stage.

Looking at key European indexes, we can notice that some of them are close to horizontal resistances. Let's see what happens from here.

The Sigma Trend Index remains in positive territory and other indicators are neutral at '3'.

The Sigma Whole Market Index remains in its trading range, there is nothing special to add: wait and see for the break up or down of this trading range.

Looking at key US indexes, the situation is roughly the same: stuck in a trading range.

The Sigma Trend Index continues to move around its zero line, this underlines the market remains uncertain.

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The Sigma Whole Europe remains very resilient, this is impressive to see the current strength on this market: indexes are in consolidation mode and they remain well above their major resistances and it seems there is no danger at this stage.

There is some differences when we look at different European indexes, but the situation remains mainly positive (consolidation phase at this stage before another up leg):

The IBEX is even more impressive because it has been able to print  a candle looking at a key reversal day. It will be interesting to track the situation in this market and to monitor if there is some follow through.

The Sigma Trend Index came in at 6, all other indicators are neutral at '3'

The Sigma Whole Market Index was in danger because it was trading below its ascending trendline but it seems it found some support at critical level (red horizontal support). In this rebound, the market closed the session right below a strong resistance. So, we are now at a key turning point: even the market resumes its uptrend moving above the pink horizontal line or it rolls down and it breaks the red horizontal support. As long as it remains between those two lines, we are in wait and see situation.

Looking at key US indexes, we can notice that most of them found support on a strong horizontal support and printed what looks like a key reversal day. The DJ Utilities remains very strong, probably a yield hunting area.

The Sigma Trend Index bounced back but it is still below its zero line, so the danger is still present.

The ST model uplifted its stop on the NDX:

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The Sigma Whole Europe index continues its consolidation above the red horizontal. As long as the market remains above this level, there is no warning signal (from the chart).

Looking at key European indexes, we can notice a lot of divergence between the different markets. For sure recent forex action has some responsibilities in those divergence but this doesn't explain with the IBEX is so weak relative to other indexes. This is something to carefully monitor.

The Sigma Trend Index eased again but it remains above its zero line. So, there is no sign of trend reversal at this stage.

The ST lowered its stops on most European positions.

The Sigma Whole Market Index continues to struggle with its dotted ascending line. As long as it remains above this level, the situation remains 'ok' (no more than 'ok') but if it slides below this area, the situation could turn bearish.

The Sigma Trend Index(STI) is, again, testing its zero line. There is a clear fight between bulls and bears, let's see what happens in coming sessions.

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