The major European indices are closing higher and near their highs for the day. They also erased earlier declines. The Bank of Canada shift to 50 BPs instead of 75 BPs gave investors a "risk-on" bias. Stocks are higher. Yields are lower and the USD is lower.
A summary of the major indices shows:
- German DAX, +1.09%
- France's CAC +0.41%
- UK's FTSE 100 +0.61%
- Spain's Ibex +0.98%
- Italy's FTSE MIB +0.25%
Looking at the German DAX on the daily chart, the price move and closed above its 100 day moving average yesterday (blue line in the chart below). That moving average comes in at 12999.
The price today is closing at 13195.82. The high today tested a topside downward sloping trendline. Getting above that level will have to wait until tomorrow. It will be the next key barometer for buyers if they are to take more control.
German DAX moves above its 100D MA and tests a trend line