Major European indices end the session with declines

Technical Analysis

Author: Greg Michalowski | german-dax

Most indices spend the day in the red.

The major European indices are closing the day with declines across the board. Apart from the Spain's Ibex (+0.05% at the high) and the Italy FTSE MIB (also up 0.05% the high) all the major indices spent the entire day in the red.  

If there is any silver lining in the down day, it is that the closing levels are in some cases a significant amount off the lows for the day. The provisional closes are showing

  • German DAX down -0.7%. The low was -1.73%
  • France's CAC down -0.8%. The low was -1.36%
  • UK's FTSE 100 down -1.0%. The low reached -1.52%
  • Spain's Ibex down -0.7%. The low reached -1.08%
  • Italy's FTSE MIB down -0.6%. The low reached -1.28%
In other markets as London/European traders look to exit shows:
  • Spot gold is trading near unchanged at $-0.50 or -0.02% at $1848.52. That is well off the low price of $1817.49.
  • Spot silver is down $0.25 or -1% at $25.17. It's low reached $24.34.
  • WTI crude oil futures are down $-0.12 or -0.23% $52.11. That is off the low at $51.50. The high reached $52.70.
  • The price of bitcoin on Coinbase is near session lows at $30,500. The low price reached $30,251.55
In the US stock market, the major indices are lower but off lows for the day:
  • S&P index -14.78 points or -0.3% at 3809.94
  • Nasdaq -96 points or -0.73% at 13105.90
  • Dow -79 points or -0.26% 31019.25
In the US debt market, the yields are marginally higher with the 10 year yield up 1.2 basis points to 1.127%.

Most indices spend the day in the red.
The US dollar has started to lose some ground over the last hour or two. However, it remains the strongest of the majors. The NZD remains the weakest followed by the AUD. The trend move in the USDCAD has lost some of it's trend characteristic on the day with the decline over the last few hours (see post here). For the EURUSD, it moved down to test the low from December 21 and found dip buyers willing to lean against the level (see post here).  

The USD is the strongest but off its high for the day
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