Uno momento por favor. In the dying moments, it's currently España 1 : Nederlands 0, on the race to the bronze for increasingly bearish market conditions!
It appears that the Spanish may pip the Dutch at the post for the position of next mainland European Stock market whose weekly momentum should turn further down, from bullish decreasing to increasingly bearish next week. After the recent bullish counter trend rally by the Low Countries, it appears that the Spanish IBEX 35 has overtaken the Dutch AEX Index on the race to increasingly bearish market conditions.
Note that my main definition of increasingly bearish weekly momentum is when:
- Price Action appears to have topped and rolled-over, followed by
- A MACD bearish down-cross with an expanding negative MACD histogram, either concurrently or followed by
- A descending Stochastic producing bearish lower-highs, initially above the 80.0 line, and finally down-crossing the 80.0 line - thus becoming OVERBOUGHT.
Below is a weekly chart of the Spanish IBEX 35 Index, where its MACD has recently formed a bearish down-cross during late-Q2, and it's Stochastic is descending currently at 80.1262, and about to become overbought..
A revised top 5 leaderboard of mainland European Stock markets with either confirmed or TBC increasingly bearish weekly momentum, that has a high probability of turning into a "Bear Market" over the next several months is:
1st Flemish BEL 20 - since early-Q3
2nd French CAC 40 - since early-Q3
3rd Spanish IBEX 35 - TBC during mid-Q3
4th Dutch AEX Index - TBC during mid-Q3
5th Swedish OMX Stockholm 30 - TBC during mid-Q3
There are several other mainland European Stock markets whose weekly momentum should turn further down, from decreasingly bullish to increasingly bearish during mid-Q3.
IMO August is getting primed to be a very bearish month for European stocks.