Oh my – what a roller coaster ride it’s been! We literally spoke about every possible scenario throughout the week and although EU equities are trading pretty much unch today, we are still set to finish the week just about up (SXXP +0.4). For the bulls out there, worth noting that the FTSE MIB made a new 3m rel high and managed to close above its June high yesterday. It is not quite yet through the June peak of 20399 but it is for sure getting close (last at 20358). The DAX is currently trading above its June highs of 12913, next resistance is at 13000. And for the bears, I will give you volumes. Despite seeing better vols than yesterday across the board we still do not have a single one trading above its 30 day AVAT. It remains very quiet. Elsewhere we have the EU summit kicking off today. Emmanuel Macron and Angela Merkel have both signalled that a deal is not likely until the end of the month so let’s see if that changes throughout the weekend.
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