With the key US stock indices attempting a recovery off their recent lows and with the VIX making a retreat I thought it would be useful to check some global indices and put these recent moves into greater perspective. 

The S&P500 had a strong US session and recovered a lot of recently lost ground. I had been thinking we could be in for a deeper pull back here but this may not be the case.

I wrote my first article about the German DAX stock index back on the 21st Aug. As with the S&P500 and DJIA I have calculated a potential bullish target for the DAX but I’m now pondering the chance of a deeper pull back before this bullish target might be attempted.

Irrespective of fundamental events, the S&P500 was due a pull back. The index had rallied, essentially unabated, for almost 2 years! Actually, for 22 months to be precise; from Nov 2012 to Sept 2014.

I noted in my w/e analysis how the E/U had formed, surprisingly, a bullish reversal weekly ‘Inverted Hammer’ candle. This was in contrast to the potential daily chart Bear Flag though but, whilst this ‘Flag’ hasn’t been avoided yet, it is looking like the weekly candle is trumping technicals here for the time being.