Whereas major US equity indices have yet to distinctively see any significant breakdown below recent support, the same cannot be said for European indices. Both the UK’s FTSE 100 Index and Germany’s DAX Index have fallen sharply from their recent highs at the end of July. This week’s declines have caused key support levels to break, and the uptrends that were in place over the past six months are now completely gone. 

(Click on image to enlarge)

(Click on image to enlarge)