European equity close: DAX falls to lowest since March as technicals sour

News

Closing changes for the main European bourses:

  • UK FTSE 100 -1.7% (two month low)
  • German DAX -2.3% (four month low)
  • French CAC -2.2% (one week low)
  • Italy MIB -2.8% (two month low)
  • Spain IBEX -2.2% (two month low)

The DAX broke the 200-day moving average again and the June low. It stalled at the 50% retracement of the rally since late-December and it desperately needs to hold that level or it will get ugly. The only hope might be for Merkel to announce a 180 on deficit spending.

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