Happy Valentines Day to each of you! Speaking of Valentines Day, stock market bulls around the world would “love to see rising support hold in several key markets in Europe.”
Global stock market correlation seems to be fairly high these days. With this in mind, stock indices in Germany, France and London are testing key price points that should have a large impact on the S&P 500 and Dow going forward.
This 4-pack takes a peak at the European stock markets and the important support prices points each is testing at this time-
CLICK ON CHART TO ENLARGE
The bullish trends for each of these indices remains in play and nothing that has happened of late has changed that. Each did happen to touch the top of bullish rising channels of late at each (1), where selling pressure started taking place. The declines in each has brought all of them down to test 2-year rising support at each (2), which also happenes to be 2017 lows. This would reflect that dual support is in play in a rising market.
Bulls in each of these countries and bulls in the states want to see these support lines hold at each (2), as the S&P 500 in the lower right above. How each of these indices handle support at (3), will go a long way to answering if long-term selling pressure ended last week.
