Major European indices close with solid gains | Forexlive

The major European indices are closing the session with solid gains:

• German DAX +1.34%
• Francis CAC +1.42%
• UK’s FTSE 100 +0.76%
• Spain’s Ibex +0.83%
• Italy’s FTSE MIB +1.31%

Although higher, the major indices are off their highest levels. At session highs, the indices reached:

• Germany’s DAX was up 369.2 point satisfy. It closed up 191.26 points
• France’s CAC was up 172.54 points. It is closing up 94.43 points
• UK’s FTSE 100 was up 107.38 points. It is closing up 56.92 points
• Spain’s Ibex was up 156.81 points. It is closing up 68.82 points

Both the German DAX and the France’s CAC traded two new cycle highs off of their September/October lows, but could not sustain momentum above previous highs.

Meanwhile in the US, the major indices are also retracing much of their gains.

The S&P index is back below its 200 day moving average of 4033.72 after testing the December 1 highs near 4100.51 and stalling.

The NASDAQ index gapped above its 100 day moving average near 11464.55, but momentum above that moving average cannot be sustained in the price has rotated all the way back to 11282. Both indices are trading at their session lows.