| World Indices Trend Line - end of week charts |

| World Indices Time Frame Trends - end of week Trend Determination |

Technical analysis study the behavior of market participants, reflected in price and volume for a financial market, in order to identify different stages (phases) in the development of price movements such as trends, overbought / oversold levels, exhaustion, turning points, reversals, etc.

Technical analysis is not concerned with the value or valuation of a financial instrument, but with how the supply and demand forces have an impact on price.

Technical analysis is relevant to all financial markets and all time-frames.

As part of the decision-making process, technical analysis will use primarily:

• Identify the beginning of a trend

• Time the entry within that trend

• Identify the exhaustion of that trend

• Identify the end of that trend

• Time the exit of that trend.