EU ended week 2 of an on-going correction. There's no strength from EU, as some had speculated last week, and technical patterns indicate probable further downside. It's also probable that we may see gap-down early next week.
In Asia, Shanghai had just concluded the month of March with a 7% correction. While China looks oversold, there's no sign of reversal. Crashes do happen particularly when the market's oversold. And, after the on-day wonder of poking its head above last summer's post-Fukushima high, Japan had quickly reversed. After more than 20% surge in just 3 months, Nikkei at 10200 appears to be too much to overcome all at once.
Back to the Land of The Free… Except for the "Bernanke Pop" on Monday, the SPX continues to close below 3/19/2012 high of 1414. And, many had already noted ubiquitous Head & Shoulders formations on the hourly RUT, SOX, SPX, WLSH, etc..
Right now, the world's major markets are out of synch. It's perhaps time for synchronization. I'd like to see a wave of selling starting from Asia to Europe overnight and turns into a tsunami by the time we open.