Lets take our monthly look at ten of the world indexes
Greece
Having got stuck in the 1300s, the Athex is in imminent danger of breaking the broader upward channel from the summer 2012 low. There is viable downside to the 1000/900 zone, if the EU markets are spooked into late summer/early Autumn.
Brazil
The Brazilian market had a strong July, gaining 5.0%. Near term outlook is bullish, although the July monthly candle was a little spiky. Equity bears need a break back under the big 50k level, but that is a clear 10% lower.
France
The French market lost -4.0% in July, with the big 4k threshold remaining first key support. If that fails.. there is open air to the 3k level.
Germany
The DAX was the weakest of the indexes (of those I follow) in July, slipping a rather significant -4.3%. First key support is the 8k level, which is around 13% lower. A break under 8k would be very surprising, with secondary support on rising trend, around 7500.
UK
The UK was essentially flat for July, and is now trading sideways.. outside of the rising channel. First big support is the 6k level. It remains notable that the FTSE is yet to break above the Dec 1999 high.. and has been pretty much stuck for the past year.
Spain
The Spanish market lost -2.0% in July, and has already started August on a weak note. The IBEX needs to hold the giant 10k level, otherwise.. there is the real threat of a major washout down to 8k.
USA
The Dow declined by a net -1.6% for July, and is starting to break outside of the rising channel. First key support is around 14k.. where the lower monthly bollinger band will be in the next 2-3 months. On no outlook can I envision the Dow much below 14k this year.
Italy
The Italian market is having a difficult time, and is currently lower for the fourth consecutive month. The IBEX is currently trading below the monthly 10MA, next support is around 18/17k.. which is a fair ways lower.
Japan
The Nikkei gained 3% in July, and continues to remain on the edge of breaking the multi-decade down trend. Equity bulls need a break into the 16000s, which would open up 19/20k in early 2015.
However, if most other world markets continue to weaken, then the Nikkei will probably fail to push any higher. First downside would be 12k... secondary 11k. A break under 10k looks extremely unlikely, not least with the JCB still meddling.
China
The Shanghai composite was the strongest index in July, gaining a powerful 7.3%. There is a possible breakout, with first upside to the 2300/2500 zone. For the bears, the 2000 level remains key, another failure under that would open up the 1700s.
Summary
So.. of ten markets, 3 net higher for July, 1 flat, 6 with rather significant declines.
It could be argued we are in the very early stage of a multi-month decline, but bears should be seeking at least another net monthly decline before getting overly excited about where we might be trading in the early Autumn.
The gains in Japan and China are especially notable for the bulls, although they are still two indexes that are hugely depressed from their historic highs.
Looking ahead
There will be further corporate earnings of course, but as for econ-data.. there isn't anything too significant.
Tuesday will see a small array, inc' factory orders, but really, there isn't much else of note.
*there is QE-pomo next week totalling around $5bn, of which $2bn will be on Thursday.
Back on Monday