I have been doing a post on NKY and DAX each Monday for several weeks.

3/7: "The bottom line here is 2016 so far is weaker for NKY and DAX compared to USA indexes, which is a change from 2015. While USA has rallied to major long term levels, DAX and NKY are not even close. If the market turns lower, these two will be back under all pivots well before most USA indexes and thus can be placed on short watch list."

3/14: "The Pivotal Perspective is that both of these are much weaker than USA indexes, especially the current leaders INDU, SPX and NDX. While these three have recovered or in the case of NDX nearly recovered long term pivot levels, both NKY and DAX remain far below. While both have traded above the MarP this month, neither has exceeded its MarR1 level, again in contrast to many many USA and other global indexes. Relative weakness puts both on the short watch list going forward."

3/21: "Both relatively weak compared to USA leaders. NKY could be short if below YS1 level 16766. DAX probably second choice compared to NKY but can use MarR1 9981 as short level."

3/28: "While both indexes participated in the global risk rebound from 2/11-12 lows, both have exhibited relative weakness compared to USA and other oil related emerging market ETFs. Both remain far under long term pivots; NKY did not even reach MarR1, and DAX traded slightly above MarR1 for 2 days and today has rejected that level. Relative weakness make these attractive short candidates, or from institutional or investing perspective current under-weights. As a short, though, NKY is sitting just above YS1 so that is a much better setup on a break. We can also watch to see where price is in relation to new Q2 pivots."