It is sometimes instructive to take a look, deep into the summer, with a view to identifying what trend could develop as of the beginning of September. With this chart showing the NKY, DAX, DJI, SPX and RUT indexes over a year, one can clearly see the significant increase that started in September 2017 and then broke down in February 2018. If the SPX has returned to its highest level and RUT reached a new record high, the other three indexes NKY, DAX and DJI have not yet reached again their February 2018 level. As long as such level has not been clearly and durably surpassed, one should therefore exert caution as for any long operation.
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