Lets look at the short-term charts - hourly and daily.
As I have expected, we had sideway move this week as the indexes are hitting resistance. DJ lost only -0,74%, DAX was weaker loosing -2,16%.
This sideway move on DJ helped the Histogram to make a tower and carve out a mMm pattern and MACD is at the zero line. Lets wait and see if it will curl over at the zero.
Difficult to trade week up an down... but we had two opportunities to take short position. The sell signal is still in force.
Bearish signs - The Histogram has changed the slope and we have mMm pattern, MACD finds resistance at the zero line, the indexes are hitting resistance - the broken trend line and MA50.
Next week I am leaning toward down move, because we have a lot of resistance.
Some question marks - the candle on Thursday - we can not say yet if this is a hammer the beginning of an up move or a hanging man and to expect down move.
Daily EMAs EMA10,EMA20 and EMA50 have converged together, which means the next bigger move will follow - up or down?
On the hourly charts the trend channel is broken and prices are testing the brake.
BUT we do not have triple cross - the EMAs are moving sideways - prepare for the next bigger move.
So the sell signal is still intact, but the next week the bears must show up, or the next leg down is questionable.
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