Sell signal in US indices - What lies ahead?

Last week has been very volatile with the US indices swinging violently in both directions. However, the charts have spoken - the market seems to reject higher levels and is turning weaker by the day in the last week.

Here is a round up of the major global indices-

DJIA daily chart - Big Reverse Hammer after making an ATH last Thursday. A prominent buy failure and a strong sell signal. However, the close on Friday is still in the middle of a congestion support zone. Needs to break and close below 51300 as additional confirmation.

Nasdaq daily chart - Double Top breakdown below a previous ATH last Tuesday. A second sell signal on Friday when it broke below a 1-2-3 top. Looks ready to decline to next support near 28200.

Stoxx weekly chart - Bearish Engulfing pattern after breaking out to a new ATH the prior week. A buy failure that looks very ominous.

Hang Seng weekly chart - Big Red candle formed the last week after breaking down from a massive range the prior week. Looks very bearish.

Most of the other global indices too have a sell on their respective charts or are languishing in a sideways pattern. Asia looks particularly week except for Nikkei.

Have the markets peaked the last week even as the economic data coming out of the US has been mostly positive with inflation gradually easing and the labor market remaining resilient.

Or is this another eyewash on the charts with the markets poised to go higher. Only time can tell.

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