Bond yields up a bp or two
The major European indices are ending the session with modest gains:
- German Dax, up 0.3%
- France's Cac up 0.2%
- UK FTSE up 0.1%
- Spain's Ibex up 0.6%
- Italy's FTSE MIB up 0.1%
- Portugal PSI20 unchanged
Yields on 10 year notes were little changed:
- German 0.475%, up 1.5 bp
- France 0.755%, up 1.7 bp
- UK 1.158%, up 1.9 bp
- Spain 1.445%, up 1.5 bp
- Italy 2.003%, up 1 bp
- Portugal 2.866%, unchanged.
Looking at the German Dax index, the index remains off the June high and also below both the 100 day MA at 12445.51 and the 50 day MA at 12518.33. More on that below...
The good news for bulls is the correction got within 1 point of filling the gap from April 21. Close enough. The gap is filled and the price is trying to bounce.
The not so bullish news is the price remains below the 100 day MA at 12445.51 and the 50 day MA at 12518.33. The price traded between those MAs in July before breaking lower. To go higher and turn the technical bias more bullish, a move above those MAs will be eyed.
