German Dax finds support near the 100 hour MA and resistance near the 200 hour moving average
The major European indices are closing higher on the day. The provisional closes are showing:
- German DAX, +0.4%
- France's CAC, +0.3%
- UK's FTSE 100 +0.2%
- Spain's Ibex, +1.4%
- Italy's FTSE MIB +0.7%
Looking at the German Dax from a technical perspective, the price opened higher today and above its 200 hour moving average (green line in the chart below). The momentum cannot be sustained and the prices started to move back to the downside where traders stalled the fall near the 100 hour moving average at 15559.75.
Going forward, breaking above the 200 hour moving average or below the 100 hour moving average will tilt the bias in that direction. Currently, with the price between the 100 and 200 hour moving averages, the bias is more neutral.
In other markets as London/European traders look to exit:
- Spot gold is trading up $1.32 or 0.08% at $1751.42.
- Spot silver is up $0.30 or 1.34% $22.69
- WTI crude oil futures are up $1.51 or 2.04% at $75.50
- Bitcoin is trading down $76 at $43,140
In the US stock market, the the NASDAQ index remains under pressure while the Dow industrial average is higher led by energy and financials:
- Dow is up $135.94 or 0.40% at $34,931
- S&P index is down 11.97 points or -0.27% 4443.43
- NASDAQ index is down 110 points or -0.74% 14937.07
In the US debt market, the yields are higher but off their highs levels. The 10 year yield is trading at 1.482%, down from the 1.516% high, but still higher by 2.1 basis points..
