The European major indices are closing with solid gains on the day. Investors let out a sigh of relief after better-than-expected GDP data.
- French GDP rose 0.5% vs. 0.2% expected
- Italy GDP rose 1.0% vs. 0.3% expected
- Spain GDP rose 1.1% vs. 0.4% expected
- German GDP came in worse than expected 0.0% vs. +0.1%
- Overall the euro zone flash GDP came in at 0.7% vs. 0.2%
Looking at the closing levels:
- German DAX rose 201.92 points or 1.52% at 13484.04
- France's CAC rose 109.30 points or 1.72% at 6448.51
- UK's FTSE 100 rose 78.16 points or 1.06% at 7423.42
- Spain's Ibex rose 71.3 points or 0.88% at 8156.21
- Italy's FTSE MIB rose 470 points or 2.15% at 22402.62
For the trading week:
- German DAX rose 1.74%
- France's CAC rose 3.73%
- UK's FTSE 100 rose 2.02%
- Spain's Ibex rose 1.3%
- Italy's FTSE MIB rose 5.8%
Looking at the France's CAC on a daily chart below, the price moved and closed above its 100 day moving average for the 1st time since February 17 yesterday. That moving average comes in at 6319.35 currently. Today the price gapped higher and extended above its 38.2% retracement at 6378.46. Those levels are now close risk for the pair.
The next major target on the daily chart comes against the 50% retracement at 6570.62 followed by the 200 day moving average 6630.97.
France's CAC moves back above its 100 day moving average
