The Sigma Whole Europe Index remains at elevated levels but it looks like it is losing some momentum at this stage.

The DAX is right at the top of its uptrend channel and a reversal from here would print a double top pattern.

The situation is not very different for the Stoxx600 and the EuroStoxx50.

The Sigma Trend Index in Europe remains above the key '34' level. So, a 'sell' signal remains possible in the next 3 sessions.

The ST model uplifted its stop on the DAX.

The Sigma Whole Market Index continues its advance. There is no sign of reversal at this stage.

The S&P500 and the NDX continue to print new historical highs.Most investors are turning very bullish for the end of this year, expecting a strong year end rally.

The Russell 2000 remains above its support but it is still ~=2% below its 52 weeks high.

The situation is different for the Mid Cap400 because it made new 52 weeks highs but we need a clear breakout in order to avoid a 'false break' scenario.

Looking at the S&P500 equally weighted index, we can notice a powerful acceleration in the last days, current move is nearly vertical. This sounds like an exhaustion pattern but this kind of advance can last for a couple of days, weeks and even months: don't forget the rally we got between November 1999 and March 2000, ~=+30% on the S&P500...

The Sigma Trend Index declined from '30' to '17'. So, a 'sell' signal  is impossible for the time being (have a look at our methodology for more details on buy/sell signals).

The ST model uplifted its stops on both the SPX and the NDX:

Short Term Trading Book:
 

The Sigma Whole Europe Index(SWEI) enjoyed a strong rally on Friday. The index is right below a major resistance (pink horizontal line).

Looking at the CAC, DAX and the Eurostoxx, we can notice the situation is roughly the same than on the SWEI. For both the CAC and the DAX, we can clearly identify an uptrend channel (blue). As we are not at the top end of this uptrend some upside remains possible.

Nevertheless, the Sigma Trend Index in Europe surged to '68' on Friday. This level is well above the key '34' level required for a sell signal. So, if the Swing or the Power Level dropped below '2' in the next 3 sessions, we will get a confirmed sell signal on European Markets. ( For more details on buy/sell signal, have a look at our methodology)

The ST model uplifted its stop on the DAX:

The Sigma Whole Market Index had a difficult session on Friday. The market printed a huge gap at the open and continued to rally during the first minutes of the session. Thereafter, the market started to decline and it closed well below its intraday high. The market printed a clear 'doji' for the day.

Looking at some major US indexes, we can clearly see that Friday's session looks like a reversal day.

The Sigma Trend Index is still far from the key '34' level. So, at this stage,  it will be impossible to get a 'sell' on US markets.

The ST model uplifted its stops on both the SPX and the NDX:

Short Term Trading Book:
 

The Sigma Whole Market Index remains above its strong (red) horizontal support. The market was under moderate selling pressure early in the session but it was able to cut its losses later in the session. So, all in all, the session was rather neutral.

Nevertheless, the Russell 2000 was under heavy selling pressure and this index was not able to remain above its strong horizontal support. This index is the most important one to focus on because we still need a new 52 weeks high (on this index) in order to confirm the recent rally.

In Europe, the Sigma Whole Europe Index remains stuck below its major resistance. We need a clear breakout or this market will be at risk.

The Sigma Trend Index remains rather weak (close to its zero line) and there is no new information from our indicators.

The ST model uplifted its stop on the DAX:

Short Term Trading Book:
 

The Sigma Whole Market Index remains very close to recent top. There is no sign of reversal at this stage: the market remains abve the red horizontal support.

Nevertheless, loking at the Russell2000 and the S&P Small Caps 600, we can detect some early signs of reversal. Those 2 indexes are the key ones to focus on at this stage: if they continue to decline, the whole market will probably follow.

Looking at the Sigma Whole Europe, there is no new information. The market remains below major resistance.

The situation is exactly the same looking at the CAC and the Stoxx600: both indexes are below major resistances.

The Sigma Trend Index declined to '5', other indicators remain neutral at '3'.

The ST model uplifted its stop on the NDX:

Short Term Trading Book:
 

The Sigma Whole Market Index printed a third consecutive 'doji'. This underlines a declining momentum. There is no sign of reversal on the SWM but we can detect some warning signs on both the Russell 2000 and the Mid Cap 400. This is something to monitor.

Both the Russell 2000 and the Mid Cap400 had a reversal day on Thursday.

The Nasdaq 100 continues its vertical advance. It is funny to see the way this index acts. It looks like in 1999-2000, and maybe we need a major blow off in order to stop this huge bull market. Do not under estimate the 'final' top for this index, don't forget this index surged 50% between November 1999 and March 2000...

In Europe, the situation remains weak and the Sigma Whole Europe is challenging a major support.

Looking at the Stoxx600, we can notice the recent uptrend channel has been broken. Will we get a consolidation of recent gains (before further advance) or wil we retest October's lows?

The Sigma Trend Index declined to '7', the trend continues to weaken. Other indicators are neutral at '3'.

The ST model uplifted its stops on both the SPX and the NDX:

Short Term Trading Book: