This is all getting rather boring. US large-caps are just about the only markets that are pushing towards new highs. EU markets are not, where stronger indices remain about 2% below October highs (DAX) while weaker ones are over 7% below those levels (Italy's MIB). Neither are Asian nor other Anglo-Saxon (Canada & Australia). Overall, I think October highs should provide cast iron ceilings for equities, and they will roll over soon.
This is a daily chart of the German MDAX (German mid-caps, excluding technology, that didn't make it into the DAX 30). Since their October highs, the mid-caps underperformed Germany's blue-chips. The risk is clearly to the downside, with stops above December and November highs.
This is a four-hourly chart of Australia's ASX200 index. It would be particularly sensitive to a China-led recovery. This index made no progress since the October highs, and remains over 5% below those levels. In addition, it looks particularly bearish from a wave perspective.
This is another index that should be quite sensitive to appreciating commodities - Canada's. While stronger than Australia's, Canada's index remains an underperformer relative to the US.
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