Now, let gets one thing clear before any of the charts. What I believe matters is how we close April, not where we presently are. We could easily cycle back up for the rest of the month, and even close at new highs - although that now seems highly improbable.
So, I will most definitely return to these same charts at the start of May...but for now, lets look where 5 of the 10 indexes (the other 5 are broadly the same anyway)
United Kingdom, monthly, 20yr historic
Spain
Japan
Italy
US, the dow'30
Summary
I won't go through the details of each chart, they largely speak for themselves. What I will note is that...right now...as at April'10, the monthly charts are flashing initial sell signals. We have failures at the 10MA on many, spiky candle tops, and some indexes are close to, or breaking key levels (see Spanish IBEX).
If we close April at these levels, the 7 month up cycle is arguably complete, and a new bearish down wave is beginning. If that is indeed the case by end April, I would strongly believe we'll cycle down to at least sp'1150 within 3-6months.
Tis late...goodnight from London