European stocks near one-month lows as the drop today extends further

It is starting to get a bit ugly

The DAX has now extended its decline by more than 2% in a drop to its lowest levels in nearly a month. The Eurostoxx 600 is down by over 1.5% to its lowest level in three-weeks, with Italy's FTSE MIB also reflecting a similar drop.

For the DAX, the recent rally seems to have met a pause as it encounters resistance from the 3 September high. There is now some support from the 13 November low at 13,004 but the 100-day moving average (red line) will be the key level to watch @ 12,877.