01/01/2015

All indices at Dec 31 close. My view

The long 2 hr line charts for Europe is in one group and differ with SWED as the strongest. The second group is the US indexes which looks the same with one important difference. NAS has not taken a new high since Nov 28 so the last top formation is lower than the Nov top when the break down occurred. Technically NAS has started a third wave on downside. Since this index has been just 60 points below the year 2000 top a big double top could be in place.

SP500 big resistance line is 2100 and the index has been only 8 points short before the drop. DOW resistance is 18.000 but that level could not be held on the monthly close.

The positive thing is that SP500 closed just above critical 2055. Friday close must not get below this line.

The EURO closed at a new low 1.2097, below critical 1.2100.  OIL closed at 53.71 below important support at 55.

Taking all things together January will start Friday with very important trading.

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