Major European indices are closing sharply lower.
- German DAX:-3.28%. That equaled the decline going back to December 15, 2022
- France's CAC: -3.58%. That's the largest decline going back to March 4, 2022
- UK's FTSE 100: -3.83%. That's the largest decline since February 24, 2022
- Spain's Ibex: -4.23%. Largest decline since November 26, 2021
Looking at the German DAX daily chart, the price is approaching at 100 day moving average at 14648.16. The index is closing near that level at 14735.27. The price is not closed below its 100 day moving average since October 2022. The German DAX is still higher on the year by 5.8%.
The France's CAC is also approaching its 100 day moving average at 6849.77. The low price today reached the 6861.63. A move below would increase the bearish bias and be the first move below the moving average since October 24, 2022. The France's CAC is still higher on the year by 6.4%.
The UK FTSE 100 is fairing worse technically. It's price moved below its 200 day moving average today at 7423.95 and its 50% midpoint of the move up from the 2022 low at 7377.34. In addition, the price is now below the closing level from 2022 at 7451.74. The stock price is now down -1.4% on the year
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