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Thursday, June 24, 2021

Friday’s gains erase a bad week

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Closing changes for the main European bourses

DAX weekly chart

A big bounce today helped to erase some ugly declines from the start of the week. It was a very volatile one but in the DAX, it’s almost perfectly unchanged on the week. That makes for an interesting chart pattern on the weekly.

  • UK FTSE 100 +1.2%
  • German DAX +1.4%
  • Italy MIB +1.0%
  • Spain IBEX +1.9%
  • French CAC +1.5%

On the week:

  • UK FTSE 100 -1.2%
  • German DAX +0.1%
  • Italy MIB +0.5%
  • Spain IBEX +0.9%
  • French CAC -0.9%

That chart pattern is bullish and the Fed isn’t going to change gears on a few high inflation prints. The dip buyers win again.

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