Prices are grinding lower on the neat term charts. Under performance versus other European markets is considerable. The longer term charts look especially weak; a large double top is unfolding while the daily trend is pressing towards the lower side of the cloud support. And still a daily recovery move does not occur. Below 8468 bearish sentiment speeds up quite a bit, opening the road towards minimally 7650.
We are keeping a bearish stance for the time being. Focus is on the main pivots around 7660<>7650 (1-3 months). Use the minor rallies (if they occur) to enter on the sell-side. Only above 8975<>8980 things cool down somewhat.
- Near term trend: negative
- Long term trend: neutral/negative
- Outlook: large and long-term reversal pattern
- Strategy: avoid r sell-rallies
- Support: 8468 / 7650-
- Resistance: 8980 / 9465+
- Outlook cancelled/neutralized above 8980
Weekly chart Swiss Market Index