The major European stock indices are closing the day mostly lower. The exception is the UK's FTSE 100 which saw gains on the day, but is all of its highs. The UK FTSE 100 was up 73.98 points at its peak. It is closing with the gain of around 29 points.
A look at the clothing levels it shows:
- German DAX, -0.46%
- France's CAC -0.59%
- UK's FTSE 100 +0.39%
- Spain's Ibex -0.10%
- Italy's FTSE MIB -0.5%
Looking at the hourly chart of the German DAX, the recent rallies have been able to find sellers well ahead of the following 100 hour moving average (blue line in the chart below). Stay below the 100 hour moving average currently at 14074 (with the current price at 13925.59), is more bearish in the short term with more work to do. The low from last week reached reached 13791.52. That is the next target followed by the 38.2% retracement of the move up from the September 29 low. The low comes in at 13602.86.
