The CAC 40 has caught a modest bounce after meeting its 50.0 Fib retracement level, with the double-top pattern also completing its reversal in a fall under 7,650 two weeks ago.
France CAC 40 index daily chart
The bounce in the past week is a decent one but the index is still down by over 4% in June currently. Here's a snapshot of how regional indices are faring today:
- Eurostoxx -0.7%
- Germany DAX -1.1%
- France CAC 40 -0.5%
- UK FTSE +0.1%
- Spain IBEX -0.1%
- Italy FTSE MIB -0.1%
The pressure is certainly on as we gear towards the first round of the French elections later this weekend. I'll brief more on the possible outcomes later in the day.
