The major European indices are closing higher on the day. The German Dax, France's CAC, Spain's Ibex and Italy's FTSE MIB are all up about 2% (or higher) on the day.
The provisional closes are showing:
- German Dax, up 2.1%
- France's CAC, up 2.5%
- UKs FTSE 100, up 1.4%
- Spain's Ibex, up 2.1%
- Italy's FTSE MIB, up 2.8%
Looking at the hourly chart of the German Dax, the low this week stalled near the 61.8% of the move up from the April 7 low. That level comes in at 13388.
The run higher today is approaching the indices 100 hour MA at 13857.78. The 200 hour MA is at 14012.73. Those levels will be eyed going forward. A move above each will give buyers additional technical confidence.
Conversely stalling against the level would keep the sellers more in control.