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Attention Bulls: Nasdaq, Shanghai Composite Flashing Technical Warnings


Here are the two most important reasons not to be bullish on stocks.

The Nasdaq Composite (NDAQ - Get Report) reached its 2016 high of 4,969.32 on April 20, but is below a price gap to the Dec. 31 low of 5,007.01 and is 5.5% below its all-time high of 5,231 set on July 20.

In China, the Shanghai Composite has the weakest recovery off its 2016 low and remains deep in bear market territory 42.8% below its multiyear high of 5,178.19 set on June 12.

Last week the weekly charts for the key global equity averages were positive. The five major U. S. averages are now overbought, but the Dow Jones Transportation Average and the Russell 2000 remain in correction territory 14% and 12.4% below their all-time highs of 9,310.33 and 1,296.00, respectively. These highs were set on Nov. 28, 2014, and June 23, 2015, respectively.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks with serious upside potential in the next 12-months. Learn more.

The Dow Jones Industrial Average (INDU) and the S&P 500 (^GSPC) are both just 2% below their all-time highs of 18,351.36 and 2,134.72, respectively, set on May 19 and May 20.

Must Read: 5 Toxic Stocks You Should Sell Now

Around the world, the Japan's Nikkei 225 and the German DAX have positive weekly charts, but remain in correction territory 16.1% and 16% below their multiyear or all-time highs of 20,952.71 and 12,390.75, respectively. These highs were set June 24 and April 10, 2015, respectively.

In India, the Nifty 50 has a positive but overbought weekly chart, but is still...