Dark Crosses everywhere

I reviewed many of the world's stock market charts this weekend and what I found were numerous Dark Crosses where the 50-day moving averaged and crossed under the 200 day-day moving average. These are ominous signs indicating the overall trend has turned south. In fact, most Dark Crosses had occurred in either June or July and US equities were one of the last markets to experience a Dark Cross. In fact, only one stock market, the Russian one, hadn't seen a Dark Cross marking a technical downtrend but it had experienced a pattern of broken support.

To start our tour around the world, let's start with the US market. This market only experienced its Dark Cross last week:

Across the Atlantic, the UK market saw a Dark Cross in mid-July:

On the Continent, the STOXX 50 saw its downtrend begin earlier in mid-June:

The Hong Kong market also began its technical downtrend in June:

...as did Shanghai:

The resource based market of Australia saw a Dark Cross in mid-June:

...and the Canadian market, another resource based market, followed in July:

The tour would be incomplete without a look at the other BRIC markets. Brazil had been in a serious downtrend, which began in March:

The Indian market saw a Dark Cross in March and now it has seen a break of a major technical support:

Russia, which has not technically seen a dark cross indicating a downtrend, has nevertheless broken down through a major technical support level:

In this age of rising market correlations, a preponderance of technical downtrends and violations of support levels can't be good news for the bulls. The weight of the evidence indicates that a bear market has begun.

Prepare your portfolios accordingly.