uropean indices end the week with declines for the day/week
The major European stock markets are ending the session lower. For the week, they are also in the red.
The provisional closes are showing:
- German DAX, -1.5%
- France’s CAC, -0.82%
- UK’s FTSE, -0.8%
- Spain’s Ibex, -1.6%
- Italy’s FTSE MIB, -0.77%
For the trading week, the major indices are also lower:
- German DAX, -2.3%
- France’s CAC -2.15%
- UK’s FTSE, -1%
- Spain’s Ibex, -1.8%
- Italy’s FTSE MIB, -2.8%
Looking at the German Dax from a technical perspective, the fall this week, has taken the index back toward its key 200 and 100 day moving averages. Looking at the chart below, the 100 day moving average is at 11631.20, while the 200 day moving averages is at 11620.29. The low today reached 11662.07 – comfortably above both.
So technically, the index avoided a bearish crack of the 100/200 day MAs (blue and green lines in the chart below). Next week, the market will be focused on those levels for trading clues. PS. the 50 day moving average was broken on Wednesday and stayed below for the rest of the week (white moving average line in the chart below). If there is a rebound, that level will be eyed as a resistance target.