Global Markets outlook

It has been a while that i have posted something about the global markets. As nifty is at a crucial juncture it is wise to have a look into other markets too. I have posted the charts of S&P and Hangseng which influences nifty a lot.Both these markets are in an uptrend and close to the previous tops. S&P could rally upto 1750 without much difficulty with a decent support close to 1650 and 1600 levels. These are good support zones from it got lot of buying interest.In a nutshell these are trend deciding levels for U S markets because it would be a lower top lower bottom formation below these zones.The CBOE VIX is not showing any major upmove so it can still hover around 13.5 - 16 for a month or so. Dollar index is ready for the upmove and that is the only worrying factor for equity markets all around the world.The reversal for Hangseng would be only below 22700 levels which is quite far as of now and these uptrends are intact as of now. Thus before shouting for sell calls in nifty lets have an understanding about the globe and one should be watchful for any reversal for these markets so that we can initiate sell signals too. As of now even if nifty corrects dont expect a major break down move and i expect it to correct only in an ABC pattern. The chartists say "As long as it is maintaining a higher top and higher bottom the trend is intact"