The S&P500 bounced off 1195, its 20-day moving average on Friday to close at 1199.21, while the Shanghai composite, after rallying 23 percent since September 20, failed to hold its 20-day, closing down over 5 percent on the day.

Given the strong 4Q rally in global equity markets and Friday’s sell-off, we have looked at where the major markets stand with respect to their moving averages.  The 20-day moving average is the first level of support in an uptrend, which is illustrated in several of the charts below.

The uncertainties of China tightening and European sovereign debt,  coupled with the recent rally,  makes us doubtful the 20-days will hold and will be looking to be buyers at, or around, the 50-day moving averages.   Note, Brazil, China, and France are the only markets below their 20-day.    The charts are sequenced by their rank in the table. The sixth chart, the S&P500, for example, corresponds to the sixth line in the table.