After most of the major European indices stretch to new cycle Heisler record highs at the end of last week, the today selloff on the back of the Iranian war was harsh. Looking at the percentage changes from the highs to the low prices reach yesterday shows:
- German DAX -7.10%
- France's CAC -6.43%
- UKs FTSE 100 -4.84%
- Spain's Ibex -9.0%
- Italy'sFTSE MIB - 7.60%
Yesterday, the price rebounded to the close, today that momentum has continued with solid gains to the upside.
Looking at the closing levels:
- German DAX, +1.74%
- France's CAC +0.79%
- UK's FTSE 100 +0.80%
- Spain's Ibex + 2.49%
- Italy's FTSE MIB 1.95%
Taking a technical look at the German DAX, the closing level of 24205.37 was back above its 200 day moving average at 24175.53. Staying above and getting back above the 100 day moving average at 24396.12 would put the forest back in full control.
France's CAC fell below its 100 day moving average at 8182.87, but remains well above its 200 day moving average at 7985.58.
As European traders leave for the day, the US stocks are trading solidly higher:
- Dow Industrial Average up 300 points or 0.62%
- S&P index of 53.84 points or 0.79%
- NASDAQ index up 312 points or 1.39%
Looking at the S&P index on the daily chart, the price is back above its 100 day moving average at 6835.47. And is well off the low price from yesterday's trade at 6710.42. The current price is trading at 6872.74.
For the NASDAQ index, it remains between its 200 day moving average below at 22053.74, and its 100 day moving average above the 23171.51.
