My view on S&P 500 and DAX is similar to my view on OMXS30. We are not near a long term bottom, prices haven't even broken down out of the monthly Bollinger bands, and RSI are not nearly as oversold as in the 2003 and 2009 market bottoms, as I've market out below.
US markets are currently stronger than the European markets, I believe the S&P 500 could bounce before hitting the lower Bollinger band, around 1 040-1 090. DAX should put in a short term low near the lower Bollinger band, around 4 900-5 100. After this, I believe we could see a rally that could last several weeks, before we head lower again.
When monthly RSI reaches 20-30, then we could start looking for a long term bottom.
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