DAX Technical Analysis
The German DAX is slightly negative during early trading, but we have seen the 25,000-euro level offer support and it does look like traders will continue to pay close attention to it. If the market were to break higher, the 25,300 level could be targeted and then after that, I think you are looking at 25,500 euro would be your next target, as it is the recent swing high.
Short-term pullbacks I think continue, but overall, this is a market that traders are looking for value in, as the dips continue to be bought into every time there is an opportunity to take advantage of value.
CAC Technical Analysis
The CAC in Paris has seen a little bit of negativity, but also seeing buyers come right back into the market and start purchasing on the dips again. I think you still have a situation where the CAC probably outperforms, as it has been for some time.
I do think that we have support all the way down to 8,400 at the very least and I do think that there will be plenty of buyers each time it pulls back. Make sure to watch the luxury sector.
IBEX Technical Analysis
The IBEX in Spain has broken out during the day and I do believe it is an index that probably has much further to go. I would anticipate something along the lines of a move to 19,000 euros before it is all said and done.
It does not necessarily mean that it goes straight up in the air though. Look for short-term pullbacks as potential buying opportunities in an index that quite typically has been very reliable over the last year or so.
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