Traffic jam for three of the four indices. But it is only round numbers, a psychological phenomenon. The chart patterns stay such strong, at least in the short run, that there is no doubt on a further advancing european stock market. The Eurostoxxes even are stronger than Wall Street: They have already broken the falling resistance line above the prices since the beginning of this year - numerically, not yet significantly. Which Wall Street has to fight for over the week end.

17. Sep 2004 Summary: This relative strength to Wall Street contradicts the still robust growth in the US and the ailing one in Europe. Where Holland shrank in QII and Spain heavily reduced its growth rate leading to a lower growth rate for the Euroblock.

On Thurday one strong and three neutral candles break out to new three week highs, attacking fiercely the resistance levels of the end of July. This reestablishes the strength since mid August. But so far the short moving averages didn't turn up yet.

3. Sep 2004 Summary: A strong Friday even can break all resistance since mid of July, establishing the same strength like in Wall Street, which is relatively stronger since Thursday.

Two strong weeks jumpstart a rallye, which not yet has terminated. There were strong candles at the deepest points of August, which make the shortterm chart patterns strong one. But the indices now have penetrated the strong resistance zones of end of July.

27. Aug 2004 Summary: The european stock markets are relatively stronger on a shortterm basis than Wall Street, already crossing the moving averages upwards.

The sudden rise since Monday morning is more likely to result in a bottom pattern than that in Wall Street, since there has been a strong bottom pattern at the low of August. However up to Thursday, this rise hasn't been able to crack the resistance at the lows of July. The chart pattern is more promosing than those of Wall Street.

20. Aug 2004 Summary: The weakness of the preceeding weak not yet is terminated. But if there is jump over the lows of July the downtrend is terminated by a strong bottom pattern. However, this needs a strong continuation on Friday and the running week.

The weakness since Wednesday threatens to end the strength of the end of July with more support below, but one, which is not too strong. A glim-pse at the weekly chart patterns reveal intact downtrends and a negative crossing of the two moving average already in the two indices on top.

13. Aug 2004 Summary: The weakness of the outgoing week turns the Eurostoxxindices weak again, but with more support below and more stability than Wall Street.

The weakness since Wednesday threatens to end the strength of the end of July with more support below, but one, which is not too strong. A glim-pse at the weekly chart patterns reveal intact downtrends and a negative crossing of the two moving average already in the two indices on top.

6. Aug 2004 Summary: The weakness of the outgoing week turns the Eurostoxxindices weak again, but with more support below and more stability than Wall Street.

The weakness of Thursday wipes out the strong three days-patterns be-fore, and even attacks the support, build up last week around psycho-logical supporting index levels. The weakness of Thursday can put the attempt of Wall Street on Thursday to turn up again under scrutiny.

23. Jul 2004 Summary: The weakness of the Eurostoxxindices even may drag down Wall Street once more. Europe and Wall Street are closely coupled to each other, especially during the plunge of July.

The uptrends are terminated, the base lines of the two double top patterns already crashed in one of the four indices. This need not be a freeway down, since for the other three indices the base levels still are intact, with even a strong candle on Thursday to defend them.

9. Jul 2004 Summary: The same weak chart patterns like in Wall Street - double top pattern for the indices on the left hand side, sudden reversals after a breakout for the indices on the right hand side.

The uptrends are flat, but still intact. But top left there already is a typical ,rounding top', the first sign of danger to the technical strength.

2. Jul 2004 Summary: There still is a chance for strength, but it is under scrutiny now.

Strong support at 2700, 2800, 240 resp. 250 of late stops the weakness. Two strong days send the indices up to the resistance at the highs of June, with a chance for a breakout.

26. Jun 2004 Summary: Again there is the chance for a break out to new shortterm strength. But there still is some distance to cover up to the year highs and strong resistance in between.

The leap out of the strong bottom pattern of May is continued by another, smaller, bottom pattern in June. There even is a breakout for the least broad index top right. Again the distribution of candles inside that second strong pattern of June isn't optimal - too many weak candles and the stron one at the deepest point not sitting deep enough.

19. Jun 2004 Summary: Strength is coming back to the european stock markets. Already one strong day may bring another break out of the strong bottom patterns. However strong resistance above can stop any breakout soon after it has succeeded.

The leap out of the strong bottom pattern of May is decelerated by resistance from April/May and needs a correction to condinue.

4. Jun 2004 Summary: The european markets start to sputter, but the technical strength still is there.

A rallye of two strong days completes for all four indices strong bottom patterns. Inside these pattern there is a wrong distribution of daily candles, but the classical beauty of all four patterns is a chart signal of its own quality - especially after having arrived at the technical target of the shortterm downtrend. At least we conclude much more stability than in the beginning of May.

28. May 2004 Summary: The european markets follow Wall Street and both confirm each other of new strength. Perhaps even strength enough to fight the resistance above, to attack the year highs and to end the downtrend since the end of January.

The four weak candles of Thursday resume the shortterm downtrends, which were a little decelerated before by two neutral candles, after a crashing breakthrough on last Monday. Note that in all four cases, the technical target of the shortterm downtrend has been already arrived at preceeding Friday, which gives rise to the attempt for more stability in the outgoing week.

21. May 2004 Summary: The european growth numbers already available for the first quarter signal an end to the far too low growth in Europe, with even the german growth rates picking up. But still they are far below he american ones.

The four indices try to build up new support at a level from March and playing with magic numbers. But the chart patterns are weak with established downtrends, described by the falling moving averages. This conflict has to be solved next week.

14. May 2004 Summary: The german growth numbers are promising, at least for Germany - 0.44 % real growth in the first quarter and 0.74 % real in the last twelfe months is enough not to die, but not enough to live.

The four weak candles of Thursday resume the shortterm downtrends, which were a little decelerated before by two neutral candles, after a crashing breakthrough on Monday. Note that in all four cases, the technical target of the shortterm downtrend has been already arrived at last preceeding Friday, which gives rise to the attempt for more stabilty in the outgoing week.

14. May 2004 Summary: The european growth numbers already available for the first quarter signal an end to the far too low growth in Europe, with even the german growth rates picking up. But still they are far below he american ones.

The chart patterns turn wild. Those on the Euro side already show breakthroughs and point to a fall to the lows of March. The two general ones of the left hand side still find support, but the pressure onto these levels is high, by the fierce attack of Thursday.

7. May 2004 Summary: The relative strength of the Eurostoxx to Wall Street is treacherous. Interest woes prevail too, inspite of weak growth in the Eurozone which even tends to become weaker.

The sidewaystrend in April is under pressure now by a sudden plunge, which already leads to a breakthrough, the support from mid April being smashed in three of the four indices. In the two Eurostoxxindices there even is the danger of a classical double top pattern. The real danger of top patterns is revealed by the weekly chart patterns.

30. Apr 2004 Summary: The danger of a trend reversal downwards grows, but the european indices still are relatively stronger than those of Wall Street. The markets conclude, that the upcoming growth figures will be better for Europe that for the US - which is very unlikely.

April comes with a sidewaystrend, which even contains many strong candles. So the hope for a break out rises, a sidewaystrend never being stable.

23. Apr 2004 Summary: There still is a chance for strength, with the moving averages slowly turning up again.

The week after Eastern stops the uptrend and establishes a sideways trend. However, the lower floor of that already is under pressure if not broken. The weakness of the last two days reduces the chance for strength considerably.

16. Apr 2004 Summary: The decesion for a new trend is shifted to next week, but there a technical signs for shortterm weakness.

The fierce attack onto the highs of February / March is stopped by a correction, which, however, does not signal new weakness. On Thursday only one candle has been weak, the other three being neutral. They sit in the right height for a breakthrough to new highs - if the correction is terminated positively. Only then the new uptrend would turn into a strong bottom pattern, lacking such at the low of March. So the four indices still have to search for technical strength, which remains possible - if there is strength after Eastern.

9. Apr 2004 Summary: Technically strength still being pos-sible, it would defy weak fundamentals even further. Adding to the danger of a new recession is the upcoming state crises in Germany, where attorneys and the administration try to demol-ish the Bundesbank, once being the most powerfull financial institution of the world. Note that this may terminate the whole german state model, which turns out not to be a durable good.

Like in Wall Street there is no strong signal at the bottom of the correction, here started in mid March. Since weak Wednesday and the rise on Thursday that correction looks like a bottom pattern. But the technical reconquista hits numerous strong resistance levels up to the year highs in March.

2. Apr 2004 Summary: The chart situation resembles that one in Wall Street, with shortterm resistance on the way up. But on a longterm basis the decisive resistance levels of the first months of 2002 are a considerably distance above present levels, reflection the weak european fundamentals.

The chart patterns are very similiar - geometrically nearly congruent - to those of Wall Street now, with the exception of not so strong support levels. Therefore the technical risks here are a little bit higher.

26. Mar 2004 Summary: Shortterm down- but longterm uptrends do not reflect an adaption to the weak fundamentals of Europe yet, but are just consolidations of the long uptrends since March 2003.

Like Wall Street there seamed to be some support against a further plunge, but the weak candle of Thursday destroys that chance complete-ly and even adds considerably pressure onto the support levels build up earlier last week. The weekly candles show that the uptrend is terminated in all four indices with the major support levels still waiting lower.

19. Mar 2004 Summary: There still is the danger of a second part of the plunge after a typical correction sideways up to Wednesday in all four indices. This in turn may drag down Wall Street as well. The baisse drives the baisse, the improved situation at the european interest markets not yet does its job.

Instead of terminating the correction since the end of January, two weak days destroy all chances for shortterm strength.

12. Mar 2004 Summary: The major breakout to strength of the preceeding week, against the continued correction in Wall Street, is reversed to its contrary.

On Thursday all four indices break out to new highs above the old ones. The uptrends therefore are reestablished, the corrections of January having been very mild ones.

5. Mar 2004 Summary: Technical strength is coming back. The european follow the Tokio stock markets, leaving Wall Street behind - and their own still sluggish growth rates.

All four indices ended the preceeding week the correction since the end of January by new breakouts, but fell back below the broken old resistance level again. However, strong candles on Wednesday start another attempt to breakout sustainably. Only one out of the four moving averages has turned horizontally into a sideways trend.

27. Feb 2004 Summary: The flat uptrends getting even flatter, Europe has to wait for Wall Street to end its correction. The flat, but no longer negative growth rates of QIV in Europe do not support relative strength to Wall Street, especially the negative Deflator in Germany is a sign, that the recovery there still is lagging.

All four indices convincingly end the correction since the end of January by new breakouts on Thursday, starting very strong rallies out of very strong chart patterns to new highs since mid 2002.

20. Feb 2004 Summary: The european stock markets start new rallies, even without the lagging Wall Street, putting aside resistance levels of the year 2001 already.

The two top indices still have to fight against the resistance at the old two-year-highs, but the two broad indices already broke through to new highs.

13. Feb 2004 Summary: Sudden strength relieves all pressures onto the uptrends since one year - the indices are bound to further strength.

All four indices continue the slumps and develop impressions of ,rounding top' - chart patterns with many weak daily candles. But there still are support levels, which were build up in the first weeks of January. The steep uptrend channels since end of November are under pressure now but still intact.

6. Feb 2004 Summary: The uptrends are under scrutiny now with dangerous top patterns in all four indices. A trend reversal becomes a possibility and at least a continued slump to the lower bounds of the uptrend since last March.

All four indices stagnate but do no show any sign of a top pattern. The fall back of Thursday brings the uptrend channel under pressure, but there still is some sevurity distance to its lover support line.

30. Jan 2004 Summary: The uptrends still are untouched, but new resistance levels come into being. A trend reversal is not yet to been seen.

Even if sometimes there are weak candles - the european stock markets continue their uptrends, which were startet in mid December and have fought down any resistance in January.

23. Jan 2004 Summary: All four uptrends are stable and stay intact. Resistance comes only from summer 2002 and is not strong at these levels.