The S&P 500 index was unable to break above 2100, and it returned into a 7-week symmetrical triangle pattern to continue a choppy mode. Crude oil had a bullish breakout from a 3-month double bottoms pattern. The broad stock market is projected to be in a short-term neutral time-window until 5/4/2015.

The Leading-Wave Index (LWX) is Nu Yu’s proprietary leading indicator for US equity market. LWX>+1 indicates bullish (green); LWX< -1 indicates bearish (red); The LWX between +1 and -1 indicates neutral (yellow).

The Broad Market Instability Index (BIX), measured from over 8000 U.S. stocks, closed at 8 on 4/17/2015 (up from 2 the previous week) which is below the panic threshold level of 42 and indicates a bullish market. Based on the forecast of LWX, the broad stock market will be in a short-term neutral time-window until 5/4/2015 (see the second table above).

The daily chart below has the Wilshire 5000 index with both the BIX and the Momentum indicators. The current market status is summarized as follows:

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 1.17% above the EMA89. Outperforming sectors are Oil Equipment (4.37%), Home Construction (3.75%), and Biotech (3.55%). Underperforming sectors are Utilities (-2.01%), Telecommunication (-1.30%), and Real Estate (-1.12%).

Currently the S&P 500 index is in primary impulse wave [5]. Ideally primary wave [5] contains an intermediate (1)–(2)–(3)–(4)–(5) sub-wave structure. This fifth primary wave will be the final upward leg of the entail bull market started from 2009, and this final leg can last several months which began from mid October of 2014 and will end sometime in 2015.

From early December to late January, the SPX 500 index was in a flat correction with intermediate corrective wave (2) having minor wave a–b–c sub-wave sequence. After that, the S&P 500 index is in intermediate wave (3). Wave (3) should contain 1–2–3–4–5 minor sub-wave sequence.

Since the beginning of March, the SPX 500 index has been in another flat correction with minor wave 2. Minor wave 2 is in an (a)-(b)-(c)-(d) sequence with a symmetrical triangle pattern. Now it is in wave (e) towards the lower boundary of the triangle.

In the following weekly chart, the German DAX index has been in primary impulse wave [5] since mid October. Primary wave [5] contains an intermediate (1)–(2)–(3)–(4)–(5) five-wave sequence.

Intermediate wave (3) had a very good run, but it came to the end last week. Now it is in intermediate corrective wave (4).

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 2014, the Bombay index has been in the Bump phase with a sharp trendline as excessive speculation drives prices up steeply. The index maintained above the 2nd Parallel Line. The uptrend continues as long as prices stay above the Bump Trendline. Now we have a bearish signal that prices broke below the Bump Trendline.

Last year the Chinese stock market phased out its years-long bear market after it completed a 5-year “Ending Diagonal” pattern. A new bull market started, and the Shanghai Stock Exchange Composite Index is in primary wave [1] which is the first upward leg of a potential multi-year bull market. Since last summer the Chinese stock market has had an explosive advance.

Primary wave [1] contains an intermediate (1)–(2)–(3)–(4)–(5) five-wave sequence. Now the Shanghai index is in intermediate wave (5) which is the final upward leg of primary wave [1].

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

In the following weekly chart, the U.S. dollar is forming a Bump-and-Run Reversal Top pattern. Prices have advanced above the 1st parallel line with a deep slope since late last year. Now prices are above the second parallel line. The uptrend continues as long as prices stay above the Bump Trendline.

The 30-year U.S. treasury bond index is forming an 8-month ascending broadening wedge. It is important to see if the current upward swing is able to reach the upper boundary of the wedge because a partial rising could be a bearish sign to break to the downside.

The gold index is forming a 2-month inverted head-and-shoulders pattern. The neckline level is at 1218. If prices break above the neckline, the upside price target would be 1270.

The silver index is forming a 2-month inverted head-and-shoulders pattern. The neckline level is at 17.3. If prices break above the neckline, the upside price target would be 18.6.

Crude oil formed a 3-month double bottoms pattern. Last week prices broke above the resistance level of 54. Now we have the upside price target projected at 62.25.

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