*VEU is a good means to follow the world indexes (it excludes the US market), much like the GDOW does.
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VEU, daily
VEU, weekly
VEU, monthly
Summary
We have a nice bear flag on the daily chart, and the weekly chart shows this too. First bear target is 37.50 and then 35.0. Equivalent levels for the US index are noted on the monthly chart.
The next 6 trading days will be important for the bears. We have the big Q2 GDP data next week for both the US and the EU. If the bears can't begin a new down trend by the end of next week..then the bigger monthly cycles are going to level out and turn bullish.
Goodnight from London