European equity markets are a sea of green today with some indices looking to pull back all of this week’s losses. Get your market update from nickcawley1 here:
European equity markets are a sea of green today with some indices looking to pull back all of this week’s losses. In what has been a difficult week, led by heavy losses and volatility in the US equity space, it remains to be seen if the current rally is the start of a fresh leg higher or if it is another bear market rally.FTSE 100 is currently showing a daily gain of 2% at 7,440 and is trading and has recouped all of Thursday’s losses.
The daily chart shows that the series of lower highs from early April remain in place, giving the chart a negative tone, although this is balanced off by a broken series of lower lows. A confirmed break and close above 7,545 would break the lower high pattern, and put the FTSE above all three simple moving averages, leaving further upside likely. Support is seen at 7,226 and this should provide a stern test for short-term sellers.
The number of traders net-long is 17.95% lower than yesterday and 8.21% lower from last week, while the number of traders net-short is 32.26% higher than yesterday and 25.83% higher from last week. We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests Germany 40 prices may continue to rise.
Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a
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