Global Stocks Averages Pointing Higher Into Q1 (led by the US)

Global stock averages have seen a very healthy start to 2021, building on the recovery strength from 2020.
This is in the face of a second/ third wave of COVID-19 impacting globally, and across the major economic nations.
This second/ third wave of COVID-19 has seen large numbers of cases, hospitalisations and deaths, bringing significant lockdowns and restrictions across continents.
A large part of the strength in the global share indices has been driven by the expectation of a global economic recovery in 2021 and 2022 as the global population is vaccinated.
In addition, US stock markets have led global stocks higher with the expectation of a strong fiscal package from President Joe Biden, with the Democrats controlling both Houses of Congress.
A strong and generous fiscal package would stimulate both the US consumer and US business, as well as bolstering global economic activity.
Hence, the major US equity average, including the S&P 500 as featured below, are leading global stock markets higher.

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S&P 500 March Future: Still a bull bias

Intermediate-term outlook

The push above 3823.5 signalled an intermediate-term shift to a bull trend.

Upside risks: We see an intermediate-term bull trend to aim for 4000.0 and 4255.75.

What changes this? Below 3656.0 shifts the intermediate-term bull trend straight to an intermediate-term bear trend.