Current Futures: Dow -52.00, S&P -6.00, NASDAQ -5.75European markets are heading lower, following a rally that lasted seven days, the longest since 2007. Earlier in the day, Asian markets closed higher.European markets and U.S. futures are currently trading in the red, after the two headed higher over the last seven consecutive days; one of the strongest rallies of this year. The current moves higher were triggered by investors pricing in better than expected earnings reports, after an impressive 2/3 of the companies that reported so far beat analysts’ expectations.However, the declines seen during the European session seem to be a technical bounce, after the S&P futures and the two major European indexes, Dax and FTSE, reached important resistance levels. The S&P futures bounced from the 955.00 area during the previous U.S. session, while the U.K. FTSE bounced from the 4515.00 area, which is the highest value touched since early January. At the same time, the German Dax opened below the 5170.00 area, which is the high of the current year. This suggests that the global markets might need to follow the normal momentum wave structure, and move lower, to then gain additional momentum from testing support. There is no fundamental driver that suggests a change in trend, TheLFB-Forex.com Trade Team said. For now, the market outlook lies to the upside, long as the earnings reports keep beating the projected numbers.Overnight, the U.K. FTSE slipped 13.38 points (0.30%) to 4,467.79, while t he German Dax lost 17.08 points (0.34%) to 5,076.89.Crude oil for August delivery was recently trading at $64.80 per barrel, lower by $0.10. Up to now, crude oil looks resilient to the declines seen in the equity markets. Gold for August delivery was recently trading lower by $1.80 to $946.90. Helped by the recent rally, gold is currently trading above all the important moving averages.