European indices close the day and the week sharply lower

The major European stock indices are closing the day with sharp declines. For the trading week the indices are also lower as concerns about financial conditions in Switzerland hurt sentiment. Concerns about global growth are also weighing as is the ECB 50 basis point hike this week. Finally, the European indices have been relatively stronger in 2023. The German DAX, France's CAC, and Spain Ibex are all higher on the year. The UK FTSE 100 is negative however. A look at the close levels shows:German DAX fell -198.9 points were -1.33%France's CAC felt -100.30 points or -1.43%UK's FTSE 100 fell -74.63 points or -1.01%Spain's Ibex fell -178.42.4 or -2.01%For the trading week:German DAX fell -4.28%France's CAC fell -4.09%UK's FTSE 100 fell -5.33%Spain's Ibex -6.09%Technically speaking, the German DAX and UK's FTSE 100 both are testing key weekly moving average levels.Looking at the weekly chart of the German DAX above, it is down -4.28% this week with a low at 14664.67. Looking at the weekly chart that low tested the 100 week moving average at 14650.53 (blue line in the chart above). Drilling to the daily chart below, the low price from yesterday - and again today - tested the rising 100 DAY moving average currently at 14681.47.Needless to say those two longer term moving average levels (100 week MA at 14650 and 100 day MA at 14681) will be key in the new trading week next wee. Traders will need to decide if there is more downside probing, or do we see a rebound off of key technical support?Be aware...For the UK FTSE 100, it too tested its 100 week moving average at 7320.42. The low for the week reached 7309 point but has rebounded off that low and is closing just above the moving average level (the closes at 7335.41).Like the German DAX, next week will be a key barometer for the buyers and sellers. Move below would be more bearish and have traders probing to the downside. Conversely, stay above and traders will start to look toward the closing level from 2022 at 7451.74 as the upside target. This article was written by Greg Michalowski at www.forexlive.com.

Mar 19, 2023 - 13:12
European indices close the day and the week sharply lower

The major European stock indices are closing the day with sharp declines. For the trading week the indices are also lower as concerns about financial conditions in Switzerland hurt sentiment. Concerns about global growth are also weighing as is the ECB 50 basis point hike this week. Finally, the European indices have been relatively stronger in 2023. The German DAX, France's CAC, and Spain Ibex are all higher on the year. The UK FTSE 100 is negative however.

A look at the close levels shows:

  • German DAX fell -198.9 points were -1.33%
  • France's CAC felt -100.30 points or -1.43%
  • UK's FTSE 100 fell -74.63 points or -1.01%
  • Spain's Ibex fell -178.42.4 or -2.01%

For the trading week:

  • German DAX fell -4.28%
  • France's CAC fell -4.09%
  • UK's FTSE 100 fell -5.33%
  • Spain's Ibex -6.09%

Technically speaking, the German DAX and UK's FTSE 100 both are testing key weekly moving average levels.

Looking at the weekly chart of the German DAX above, it is down -4.28% this week with a low at 14664.67. Looking at the weekly chart that low tested the 100 week moving average at 14650.53 (blue line in the chart above).

Drilling to the daily chart below, the low price from yesterday - and again today - tested the rising 100 DAY moving average currently at 14681.47.

Needless to say those two longer term moving average levels (100 week MA at 14650 and 100 day MA at 14681) will be key in the new trading week next wee. Traders will need to decide if there is more downside probing, or do we see a rebound off of key technical support?

Be aware...

For the UK FTSE 100, it too tested its 100 week moving average at 7320.42. The low for the week reached 7309 point but has rebounded off that low and is closing just above the moving average level (the closes at 7335.41).

Like the German DAX, next week will be a key barometer for the buyers and sellers. Move below would be more bearish and have traders probing to the downside. Conversely, stay above and traders will start to look toward the closing level from 2022 at 7451.74 as the upside target.

This article was written by Greg Michalowski at www.forexlive.com.
forexlive.com   

Tags: