Weekend Market Analysis - DAX, EUROSTOXX 50 and NASDAQ 100

The action at the stock markets in the previous week was pretty boring. The major indices in Europe and in the US went basically sideways in a very tight range. To me most indices remain extended and I personally think they are forming some kind of a top. The question is how deep the correction will be. I do not predict the correction during the remaining trading sessions in 2010 there is also the possibility that the markets will hold these levels throughout December.
The XETRA DAX formed a bearish engulfing pattern on Friday. If the DAX breaks down under 6945 the next stop will be around 6900. The bearish engulfing pattern must be confirmed by a break under Friday's low. Further the MACD created a sell signal.

The same is true for the EUROSTOXX 50 just the MACD is still positive. Nevertheless my retracement target around 2780 is still intact.

The NASDAQ 100 is still going higher with a very weak MACD and a declining Stochastic. Also the minimum wave target around 2230 was reached during last week. If we are breaking above that level I am expecting further buying.