The major European indices are ending the day with gains across the board. Spain’s Ibex and Italy’s FTSE MIB lead the way to the upside.
A look at the closing levels shows:
- German DAX, +0.22%
- France’s CAC, +0.37%
- UK’s FTSE 100, +0.30%
- Spain’s Ibex +0.69%
- Italy’s FTSE MIB +0.57%
For the trading week, the major indices are also logging positive gains:
- German DAX +1.0%
- France’s CAC +2.0%
- UK’s FTSE 100 +0.7%
- Spain’s Ibex +2.0%
- Italy’s FTSE MIB +2.4%
Taking a look at the daily chart of the German Dax, the move down from the double top near 16290 back in November and January has the 50% midpoint at 14363.56.
On Monday, the price gapped above that level and stayed above it for the entire week. However the rotation back to the downside over the last two days has brought the level back into play. Next week a move below that 50% retracement level would tilt the bias more to the downside.
Conversely holding above it would keep the corrective hopes alive. Be aware.