Stock market volatility is on the rise, a late-cycle phenomenon. In Europe, stocks have been chopping sideways in a directionless fashion for 18 months now. I continue to wait for the market show its hand. If the Eurostoxx 600 breaks out above resistance of 400-415 to new all-time highs, I will take a position in European shares in the Active Asset Allocator. If EU stocks roll over here and break below this triangle consolidation pattern, I will maintain the current defensive stance in the Active Asset Allocator. I sense I won't have to wait much longer for the stock market to show its hand.
There is a weakening trend in relative strength and momentum developing in the technical pattern of the chart, which may provide a clue of the market's next move. However, until price confirms the move, it remains prudent to wait.
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