European equity close: DAX falls to lowest since March as technicals sour
Closing changes for the main European bourses:
- UK FTSE 100 -1.7% (two month low)
- German DAX -2.3% (four month low)
- French CAC -2.2% (one week low)
- Italy MIB -2.8% (two month low)
- Spain IBEX -2.2% (two month low)
The DAX broke the 200-day moving average again and the June low. It stalled at the 50% retracement of the rally since late-December and it desperately needs to hold that level or it will get ugly. The only hope might be for Merkel to announce a 180 on deficit spending.