Some charts as of 1st Jan 2011: Still Bullish but waiting to take profit

Dear all, Happy New year, it's been a while since I wanted to share my passion and views of the market. 

Some of you are aware of my last few major calls on the market (long in 2003 , sell -too early- in 2007, buy (Asia Pacific Ex JP in Feb 2009). The next big call is when to sell/short?

The views expressed are only based on 20 years Technical Analysis experience as Equity Sales at Merrill then market strategist with an Hedge Fund; no fundamental analysis. Below S&P, Nikkei, and Eurostoxx on the second page

S&P 500 Monthly chart, the next three months view: Stay long , target 1400

Still on upward trend, slight overbought. 
Market broke the last Fibo retracement level (68%/1220) of the 2007-09 fall, so the next long term target is 2009 top (1550)
Support: The 68% Fibo 1220
On one week view, Stoch/MACD shows overbought triggered. Index is to correct and test 1240-50.

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Nikkei, next three months: Long, target 11300

Oversold, with positive signal triggered on Stoch/MACD with target 11,300 target

However on three-four weeks view, market is overbought,  with 10,100 support.

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EuroStoxx50 chart: A nasty reversal developing? Reversal started in mid December, but the Index is oversold for next few days on the Daily chart just below. This correction development needs to be monitored on the weekly chart (see at the bottom)

Weekly chart, slight overbought, next support 2740-50. 


Most of the Indices I monitor (Global Equity, Commodities) are still in a uptrend, among them only the European ones (except the DAX) look weak. The China/HK indices -oversold- are to rebound I reckon. Analysis to follow in the coming days.


Feel free to comment


Cheers


Jean