And the day has arrived… European indices are finally out of their 50dma range bound but the direction of the move disappointing (especially if vols are showing some conviction). All indices are down ~3% in the region (biggest intra-day drop since July) and the support levels we are now watching are the early August lows (with mid-June lows following). The IBEX the first index to break the August low of 6788 and it doesn’t look like it will recover (next support at 6421). Aug lows on the FTSE MIB (18948) also gone, June lows -3.5% below from here. Eurostoxx 50 one to watch this afternoon – close to beak Aug low of 3174 and if broken, next support at 3054.
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