The following table is the percentage change of sectors and major market indexes against the 89-day exponential moving average (EMA89). The Wilshire 5000 index, as an average or a benchmark of the total market, is 2.92% above the EMA89. Outperforming sectors are Precious Metals (10.61%), Semiconductors (9.13%), and Oil Equipment (7.19%). Underperforming sectors are Banks (0.42%), Home Construction (0.93%), and Industrials (1.34%).

The current status of the S&P 500 index in the long-term, medium-term, and short-term is as follows:

For the long-term, the S&P 500 index is in primary wave [3]. The upside price target of wave [3] is projected at 2063 by using 1.000 extension of wave [1] between the low of 667 on 3/6/2009 and the high of 1365 on 4/29/2011.

For the medium-term, the S&P 500 index is in intermediate wave (5) which is the final leg of primary wave [3]. The upside price target of wave (5) is projected at 2060 by using 1.000 extension of wave (1) between the low of 1099 on 10/3/2011 and the high of 1419 on 4/2/2012. Please note that a 3-month rising wedge has been developed together with intermediate wave (5). This rising wedge is also characterized as an Ending Diagonal which implies a dramatic reversal once intermediate impulse wave (5) ends and primary corrective wave [4] begins.

For the short-term, minor wave 3 has ended after it reached the price target 1979. Now the S&P 500 index is in minor wave 4 which is a short-term corrective wave. A possible support level for minor wave 4 is around 1950 which is near the lower boundary of the 3-month rising wedge.

The German DAX index has had a very high correlation with the S&P 500 index for last 20 years. Currently it has a similar Elliott Wave structure to the S&P 500 index, and it is in primary wave [3], intermediate wave (5), and minor wave 4. A rising wedge has been developed with wave (5).

In the weekly chart of the India Bombay Stock Exchange 30 Sensex index, there is a possible development of a Bump and Run Reversal Top pattern. According to Thomas Bulkowski, the Bump-and-Run Reversal Top pattern consists of three main phases:

1) A lead-in phase in which a lead-in trend line connecting the lows has a slope angle of about 30 degrees. Prices move in an orderly manner and the range of price oscillation defines the lead-in height between the lead-in trend line and the first parallel line.

2) A bump phase where, after prices cross above the first parallel line, excessive speculation kicks in and the bump phase starts with fast rising prices following a sharp trend line slope with 45 degrees or more until prices reach a bump height with at least twice the lead-in height. Once the second parallel line gets crossed over, it serves as a sell line.

3) A run phase in which prices break support from the lead-in trend line in a downhill run.

Since March of this year, the Bombay index has been in the Bump phase with a sharp trendline as excessive speculation drives prices up steeply. Recently it has been fighting with the second parallel line. Last week it fell below the second parallel line. It is bearish if prices can not maintain above the second parallel line.

The following weekly chart of the Shanghai Stock Exchange Composite Index shows a 5-year falling wedge pattern. After a long time sliding, it should be close to a point to challenge the upper boundary of the falling wedge possibly in this year. Falling wedges typically build up a bullish bias as it becomes mature. This bullish bias can be realized only when prices break through the upper boundary of the wedge to the upside.

Also the Shanghai index has formed another 1.5-year descending triangle pattern inside the falling wedge. It provides us another technical gauge to measure moves of the index. The index has defended the level of 2000 very well for last one and half years. Now it still stays above 2000. Hopefully it is in a bottom process. A breakout to the upside of either the falling wedge or the descending triangle would be explosive.

The table below is the percentage change of major global stock market indexes against the 89-day exponential moving average (EMA89). Currently Russia market is outperforming. The UK market is underperforming.

The U.S. dollar is forming a 8-month trading range between 79.2 and 81.4. It is neutral before a breakout from the trading range. The upper boundary of the trading range should be the next price target.

The following chart is a daily chart of the 30-year U.S. treasury bond index. Last week the uptrend was resumed. Now the index is forming a 6-month bullish uptrend channel.

The gold index has formed a 3-month descending broadening right-angle pattern. This pattern typically reflects the growing nervousness of investors but also their indecisiveness. However, it is potentially a bullish reversal pattern. Last week prices broke above 1330 resistance level, i.e., the horizontal upper boundary of the right angle. The upside price target is projected at 1380.

The silver index recently had a bullish breakout from its 3-year falling wedge pattern. The initial upside price target is projected at 24.

Gold/silver mining stocks recently had a bullish breakout from a 3-month falling wedge pattern. The upside price target was projected at 102. This price target was reached last week.

The GDX Market Vectors Gold Miners ETF recently had a bullish breakout from a 3-month falling wedge pattern. The upside price target was projected at 26.75. This price target was reached last week.

Crude oil is forming a 5-month bullish uptrend channel. Now it is in a consolidation inside the channel.

The following table is the percentage change of each asset class (in ETFs) against the 89-day exponential moving average (EMA89). Currently equity is outperforming and agriculture is underperforming.