The major European indices are closing the session with gains. The gains are led by the German DAX which closed up 1.35% on the day.
A snapshot of the closing levels shows:
German DAX, +1.35%France CAC, +1.18%UK FTSE 100 +0.62%Spain’s Ibex +0.59%Italy’s FTSE MIB +1.12%
As European traders look to end the trading day, US stocks are still higher but trade at/near session lows:
Dow Industrial Average average up 12 points or 0.03% at 40298S&P index +27.72 points or 0.50% at 5533.03. The low price is at 5531.25NASDAQ and up 120 points or 0.68% at 17848. The low price is at 17840.59.
Technically, the S&P has stayed below its 100-hour moving average of 5568.74. The high price today reached 5562.43. Technically, the price remains between its 100-hour moving average above at 5568.75, and it’s 200-hour moving average below at 5505.27 (blue and green lines on the chart below). That is a neutal bias as the buyers and sellers battle it out. It will take a move either above the higher 100 hour MA, or below the 200 hour MA, to increase the bearish bias.
For the Nasdaq index, it extended up back above its 200-hour moving average at 17921.19 at highs today, but has since rotated back below that level. The failed break higher is disappointing. Staying below the 200 hour MA now will keep the seller more in control technically.
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This article was written by Greg Michalowski at www.forexlive.com.
