[Video] Are European bourses ready to pop higher?

Whilst global indices have corrected from their record highs, the DAX and STOXX have remained firm. So perhaps these are the places to look if sentiment improves.

Stocks (1)

We also take a look at copper prices which closed below $4.00 yesterday, and then reassess USD/JPY after its noteworthy bullish close.


 

  • The US dollar index closed above its 200-day eMA, sending EUR/USD firmly beneath 1.1800 support. 93.20 is the next major resistance level for bulls to target (or 1.1747 for EUR/USD bears).
  • Eli Lilly (LLY) produced a bullish inside candle, although remained beneath 184.00. If it holds as resistance, the bearish target around 176 remain in play, whilst a break above 184 takes it back inside it consolidation range and removes it from the watchlist (at least temporarily). Overall, it has had a good move lower from 192 when we originally covered it.
  • Kraft Heinz (KHC) saw an initial break of its trendline support but then promptly reversed higher. Given the strength of the move against the bias this we’ll step aside. A break above 39.71 (year to date high) removes it from the watchlist completely. Until then the potential for it to carve out a top remains, albeit different to the one outlined in yesterday’s video.

S&P 500 (0.52%) 25 March 2021

  • The index closed -1.87% below its 52-week high
  • 403 (79.80%) stocks advanced and 101 (20.00%) declined
  • Financials (1.575%) was the strongest sector and Communication Services (-0.33%) was the weakest
  • 7 out of the 11 sectors outperformed the index
  • 88.12% of stocks closed above their 200-day average
  • 85.15% of stocks closed above their 50-day average
  • 61.39% of stocks closed above their 20-day average

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