Major European indices close down sharply led by German Dax

Technical Analysis

Author: Greg Michalowski | german-dax

US stocks also falling sharply

The major European indices are closing the day sharply lower. Germany's SAP warned of earnings declines going forward which hurt investor sentiment.  The German Dax closed down over -3.5%.   The sharp rise in Covid cases across Europe are also weighing on investor demand.  In the US, stocks are also faltering as well and are not helping overall sentiment..  

The provisional closes are showing:
  • German DAX, -3.56%
  • France's CAC, -1.9%
  • UK's FTSE 100, -1.18%
  • Spain's Ibex, -1.2%
  • Italy's FTSE MIB, -1.6%
In the US market, the Dow industrial average is now down over 800 points or -2.88%. The S&P index is also down sharply. It is currently trading down 80.89 points or -2.34% at 3384.43. The NASDAQ index is down -2% at 11317.55.

  • Spot gold is trading higher by $2.15 or 0.11% $1904.24. It is divorcing itself from the dollar which is rising. 
  • Spot silver is down however. It is currently trading down $0.21 or -0.86% at $24.38
  • WTI crude oil futures are down sharply. The December contract is trading down $1.33 or -3.34% at $38.51.
In the forex, the US dollar is stronger with most of the gains coming vs the CAD (+0.65), EUR (+0.35%) and AUD (+0.34%).  

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