CAC 40, DAX 40 and Dow Trade at Record Highs but may Short-term Consolidate

by user


CAC 40, DAX 40, Dow Jones Analysis, Prices, and Charts

​​​CAC 40 nears psychological 8,000 mark

​The French CAC 40 stock index’s swift rally is taking it close to its psychological 8,000 mark as stellar Nvidia earnings boosted global risk-on sentiment. Positive French corporate earnings and PMI data also contributed to the current surge.

​Wednesday’s high and Thursday’s low at 7,860 to 7,848 represents the first minor support area.

CAC 40 Daily Chart

Recommended by Axel Rudolph

Get Your Free Equities Forecast

DAX 40 stalls slightly below Thursday’s record high

The DAX 40 index’s swift rally to a new record high close to the 17,500 mark is taking a breather as investors mull over German IFO business confidence data.

​A minor retracement on profit-taking ahead of the weekend may well be seen on Friday. Above the 17,500 mark lies the 18,000 region.

​Minor support is only seen around the mid-February 17,197 high.

DAX 40 Daily Chart

Retail trader data shows 10.57% of traders are net-long with the ratio of traders short to long at 8.46 to 1. The number of traders net-long is 11.26% lower than yesterday and 15.79% lower than last week, while the number of traders net-short is 3.57% higher than yesterday and 5.18% higher than last week.

of clients are net long.

of clients are net short.

Change in Longs Shorts OI
Daily 32% -1% 4%
Weekly -15% 0% -2%

Dow trades at new record highs

​The Dow Jones Industrial Average, like the S&P 500, is trading at new record highs following Nvidia’s strong earnings and remains on track to reach its major psychological 40,000 mark.

​In case of a retracement being seen, the 12 February high at 38,933 may act as support. While no fall through the second-to-last daily reaction low at the mid-February at 38,037 is seen, the medium-term uptrend remains intact.

Dow Jones Daily Chart


Source link

Related Posts

Leave a Review

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy