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German Dax falls below its 100/50 day MA today

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Index is down -2.3% on the  day

The German DAX (and European major indices) are all sharply lower for the 2nd consecutive day and in the process, are breaking below technical levels.

Looking at the daily chart of the German DAX, the price hi yesterday was able to take a quick look above a topside trend line, but that move higher failed and the price rotated lower into the close. Today, the pair gapped lower, and has continued to run to the downside.  In the process, the price moved below 100 day moving average at 12130.61 and 50 day moving average (white line) at 12031.76. The price low has reached 11958.85. 
It will not take a move back above those broken trend lines to tilt the bias back to the upside for traders.  
The next major target from the daily chart comes in against its 200 day moving average at 11791.49. The 38.2% retracement of the move up from the December low comes in at 11748.09.  

European and North American stocks are under pressure today and making technical breaks. The snapshot of the US market is currently showing:

  • S&P index -45.6 points or -1.55% at 2894.60. The low reached 2888.15
  • NASDAQ index -117.03 points or -1.48% at 7791.37. The low reached 7774.41.
  • Dow down -429 points or -1.62% at 26145.33. The low reached 26085.08.


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