There are three groups of indexes with different immediate outlook just now.
1) Italian MIB, French CAC, Spanish IBEX and SWED. These all indexes are in a very strong technical bear market. The monthly 8 MA is down but it has also crossed the 21 MA which also is down.
2) English FTSE and German DAX. The 8 month MA:s are also down in a very steep slope and the rising 21 MA:s are turning side ways and might get crossed within two months time.
3) US DOW and US SP500 has a slightly fallen 8 month MA. And the trading is occurring just around the 8 MA. A rally in these two indexes to a high close could put a stop for the MA to fall. To succeed DOW must close at CET 21:00 above 12.322.5 and the closing number for SP500 is 1.325.35. It is only close to four hours left and so far the 2 hr down trends have a strong grip of these indexes. I can not see that none of them will manage.
The daily and weekly trend are strongly up and I do not expect a drop below 11.910 for the Dow. The weekly uptrend is so strong that I expect at present the whole Month of November not to get below 11.505. I think this rally from October 4 need about 5 -7 weeks from now to turn down. During this period there might be many attacks on the upside and downside.
My guess right now is that the serious break on downside - I believe that the US indexes will not be able to change the the monthly trend on upside during November - the third wave on the downside will not start before mid December. But I hope to pinpoint that moment a short while before it happens.