FTSE 100, DAX 40, CAC 40 Analysis and Charts
​​​FTSE 100 slips alongside European indices
​​Last week’s FTSE 100 rejection by its May-to-July downtrend line at 8,287 has led to the late May low at 8,138 being revisited, a fall through which would open the way for the major 8,115-to-8,106 June-to-July lows to be retested.
​Minor resistance is seen between the 4 to 8 July lows at 8,177 to 8,181.
FTSE 100 Daily Chart
​
​DAX 40 rapidly comes off its two-week high
​The DAX 40’s rally to Friday’s 18,665 high has been followed by a sharp decline to Tuesday’s low at 18,211. Below it beckons the early July low at 18,023 and the June trough at 17,950.​Minor resistance is seen between the 24 and 26 June highs at 18,367-to-18,357 and along the 55-day simple moving average (SMA) at 18,408.
​Only a currently unexpected advance through the May-to-July downtrend line at 18,658 and above last week’s high at 18,665 would push the 18,786 to 18,935 May-to-June peaks to the fore.
DAX 40 Daily Chart
| Change in | Longs | Shorts | OI |
| Daily | 13% | -13% | -9% |
| Weekly | 8% | 0% | 2% |
​
​CAC 40 falls sharply as political turmoil grips the country
​The French CAC 40, which on Monday morning saw a brief relief rally to 7,742 as the left-wing and not the far-right alliance won a relative majority in France’s legislative elections, has dropped by over 2% since. The index is fast approaching its mid-to-late-June lows at 7,464-to-7,455 which may soon give way. ​A fall through the 7,455 June low could provoke a slide towards the January low at 7,281 and perhaps even lead to the 7,000 region being revisited.
​Resistance is far off along the 200-day simple moving average (SMA) at 7,654.
CAC 40 Daily Chart
