Still bullish

In the US, the SP500 was able to remain above the important level of 1400 and is now testing the falling 200 day moving average.(green line)

The index now faces short-term overbought pressures and it may have some difficulty climbing above it.

The good news is that price momentum, patterns and investor sentiment suggest conditions are still supportive of further upside gains.(mid-term target is 1540)
The bad news is that the rally continues to be very selective, driven primarily by basic resources and energy stocks.
This rally needs to broaden or it may fail in the coming weeks.

In Europe, the DJ Euro Stoxx 50 and the Stoxx 600 were not able to break above resistances (respectively 3900 and 330).
This is an indication that bearish traders are more active near resistance zones.
Nevertheless, I still think new breakout attempts are likely in the coming days.