European equity indices join the FTSE 100 in bearish shifts

Intermediate

 

DAX intermediate-term bearish shift

A plunge lower Thursday and as we have stated in recent client reports “we see an intermediate-term range theme defined by 11002 and 11682.5, BUT now with risks for an intermediate-term bear shift below 11002” and the break below here sets an intermediate-term bear trend.

Furthermore, this very negative price action this week also sets the bias lower for Friday.

For Today:

  • We see a downside bias for 10878 and 10755; break here aims for 10705, then 10666, maybe 10612.
  • But above 11000/0010 opens risk up to the bear gap at 11088.5-11171.5.

Intermediate-term Outlook – Downside Risks: We see a downside risk for 10406.5 and 10000/994.5.

  • What Changes This? Above 11263 shifts the outlook back to neutral; above 11566.5 is needed for a bull theme.

 

4 Hour Chart

dax chart

 

DJ Euro STOXX 50 intermediate-term bearish shift

A plunge lower Thursday and as we have stated in recent reports to our readership “we see an intermediate-term range theme defined as 3271 to 3080, BUT now with risks for an intermediate-term bear shift below 3080” and the break below here sets an intermediate-term bear trend.

Furthermore, the very negative price action Thursday and also all this week sets the bias lower for Friday.

For Today:

  • We see a downside bias for 3064, then 3040; break here aims for 3027 and 3013, maybe 3000.
  • But above 3094 opens risk up to the bear gap at 3120-39.

Intermediate-term Outlook – Downside Risks: We see a downside risk for 3000.

  • Lower targets would be 2981 and 2731.
  • What Changes This? Above 3166 shifts the outlook back to neutral; above 3239 is

4 Hour Chart

stoxx chart

Steve Miley

Editor in chief

Steve Miley has 29 years of financial market experience and as a seasoned expert now has many responsibilities. He is the founder, Director and Primary Analyst at The Market Chartist, the Editor-in...continued

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