[isatrader]

Attached is the updated major equity index charts and relative performance table.



US Stock Indexes

The S&P 500 has taken the top spot in the relative performance table for the first time since I've been following this over the last year or so. However, as you'll see on the chart it isn't necessarily a good thing as it appears to be losing momentum, as the 30 week WMA momentum line turned neutral and is close to crossing it's 10 week MA which I use for a signal line. And the detrended distance above the 30 week WMA also broke down below it's recent swing lows, as did the momentum index and so it's looks to be showing signs of forming a Stage 3 top, although it's the strongest of the major US charts I follow.

The Russell 2000 small caps index also looks to be forming a Stage 3 top with the price closing well below the 50 day MA which has started to rollover. However, it needs to close a week below the previous swing low of 894.24 to complete the Stage 3 top, although it would still be above a rising 30 week MA.

               

European Stock Indexes

The German Dax broke down into Stage 4A, but is very close to it's 200 day MA and so there's a chance of a bounce to retest the breakdown level. Relative performance versus the S&P 500 has been below the zero line for four weeks now and the cumulative volume closed below it's signal line this week as well. The measured swing target imo is down to the 7000 level.

The FTSE 100 is also close to completing a Stage 3 top, but looks relatively stronger than the Dax as it's still quite far above it's 200 day MA, and the 30 week MA is still rising.