Major European indices closed sharply higher on risk-on flows

Technical Analysis

Author: Greg Michalowski | european

Indices follow risk on flows

The major European indices are closing sharply higher on the day.  The risk-on flows  send flows in the more beaten down indices.  The provisional closes are showing:
  • German DAX, +1.3%
  • France's CAC, +1.2%
  • UK's FTSE 100, +1.6%
  • Spain's Ibex, +2.0%
  • Italy's FTSE MIB, +2.0%

For the year, the German DAX is closing in the black. The other major indices is still remain negative:
  • German DAX, +0.33%
  • France's CAC, -7.0%
  • UK's FTSE 100, -14.7%
  • Spain's Ibex, -14.7%
  • Italy's FTSE MIB, -5.8%
in other markets as European/London traders look to exit:
  • spot gold is trading down $34.37 or -1.86% at $1803.40. The low for the day reached $1800.47 (just above the $1800 natural support level).
  • Spot silver is trading down $0.40 or -1.72% at $23.19
  • WTI crude oil futures are trading up $1.87 04.32 percent $44.91
  • The price of bitcoin on the Coinbase exchange is trading up $862 at $19,282.90. The high price reached $19,469. That is just short of the all-time high price of 19,891.99
IN the US equity markets, the Dow industrial average cracked the 30,000 level for the 1st time ever, and the NASDAQ index is now trading around the 12,000 level (it has been above that level in the past)

  • S&P index up 56.3 points or 1.58% at 3633.90
  • NASDAQ index up 122.32 points or 1.03% at 12,002
  • Dow industrial average up 488 points or 1.65% at 30,080
In the forex, the Price action has been volatile with up and down moves. The AUD and NZD remains the strongest of the majors, The JPY is the weakest followed by the USD. 

The USD is lower
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