Running away from 200 day MA
The US stocks are doing pretty good with the Nasdaq up 1.06% now and the S&P up 0.58%, but you should look at the German Dax index.
It is currently up about 200 points or 1.72% on the daay at 11.955. That is the highest level since October 10, 2018. Technically, the index is running away from its 200 day MA at 11707.48. Yesterday, the index closed above that MA level. Today, the run is gapping away from the MA level. Staying above keeps the bulls/buyers in control going forward (risk for longs).
The next target on the daily is the 61.8% of the move down from the May 2018 high at 12086.92.
For the year, the Dax is up 13.17%. By comparison the Nasdaq is up 19.48% (geez) and the S&P is up 15%. So although the gains are looking good, they still lag the US.
ISM non-manufacturing data was better in Europe today and giving investors hope that the worst is behind. A Brexit deal should also be a relief (if it can be reached).
