European equities celebrated the last morning before the Easter break with cyclicals leading the rally. They ticked higher at the open and although they retraced most gains quite quickly, all sectors have now turned to turn in the green. Volumes feel healthy with the DAX being the highlight. The index is currently trading +87% and +30% above its 1d and 10d turnover AVATs (main winner includes SAP, trading 26% above its 10day AVAT) . As we take a pause before the break, perhaps is worth reminding ourselves where we are. As our charts team highlighted, we would like to see first support levels to hold to sustain the upside momentum. We are watching 8000 support for the Nasdaq, 2640/2650 for the S&P and 10000 for the DAX.
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