Archives of “March 4, 2022” day

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European stocks close sharply lower today. A horrible week for the major indices as well.

  
Analysis, Global Indices

The major European indices are closing the day at sharply lower. For the week, the losses are shocking as investors get out of Europe.

A look at the closing levels for the day shows:

  • German DAX, -4.41%
  • France’s CAC, -4.97%
  • UK’s FTSE 100, -3.48%
  • Spain’s Ibex, -3.63%
  • Italy’s FTSE MIB -6.24%

For the trading week, 3 of the major indices lost 10% or more in this week alone:

  • German DAX, -10.11%
  • France’s CAC, -10.23%
  • UK’s FTSE 100, -6.44%
  • Spain’s Ibex, -9.02%
  • Italy’s FTSE MIB -12.63%

Looking at the German DAX, the price traded to the lowest level since December 2020, and in the process has moved below the 38.2% retracement of the move up from the 2020 low to the high seen in 2021. That level comes in at 13221. The price closed at 13094.54.

Next week, moving back above that 38.2% retracement is a first target to get to and through if the buyers are to show some life.

UK Times reports that Ukriane’s Zelensky survives three assassination attempts in days

  
Analysis, Politics

UK Times says:

  • President Zelensky has survived at least three assassination attempts in the past week, The Times has learnt.
  • Two different outfits have been sent to kill the Ukrainian president — mercenaries of the Kremlin-backed Wagner group and Chechen special forces. Both have been thwarted by anti-war elements within Russia’s Federal Security Service (FSB).

NATO has warned shipping of the risk of mines in the Black Sea

  
Analysis, Politics

On Wednesday a missile struck a commercial vessel – four strikes on ships have been reported.

Ukrainian ports have been shut for over a week now.

NATO:

  • “A large number of navigation warnings have been issued, covering a number of warning areas, including mine danger areas. Shipping is encouraged to stay well informed about these and keep well clear of the areas as well as warships and military crafts”
black sea

US major indices close lower. The Nasdaq gives back the gains from yesterday

  
Analysis, US Market

The major US stock indices closed lower on the day with the Nasdaq stocks leading the way lower. For that index, it nearly gave back all its 219 point gain from yesterday (it fell -214 points today). The Dow and the S&P also closed in the red (and the Russell 2000 as well).

The final numbers are showing:

  • Dow fell -96.71 points or -0.29% at 33794.65
  • S&P fell -23.03 points or -0.53% at 4363.50
  •  Nasdaq  fell -214.06 points or -1.56% at 13517.95
  • Russell 2000 fell -26.46 points or -1.29% at 2032.41

Both the S&P and Nasdaq found sellers against their respective 200 hour MAs at their session highs today – keeping the sellers in control.

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