European indices close the day and the week sharply lower | Forexlive

The major European stock indices are closing the day with sharp declines. For the trading week the indices are also lower as concerns about financial conditions in Switzerland hurt sentiment. Concerns about global growth are also weighing as is the ECB 50 basis point hike this week. Finally, the European indices have been relatively stronger in 2023. The German DAX, France’s CAC, and Spain Ibex are all higher on the year. The UK FTSE 100 is negative however.

A look at the close levels shows:

• German DAX fell -198.9 points were -1.33%
• France’s CAC felt -100.30 points or -1.43%
• UK’s FTSE 100 fell -74.63 points or -1.01%
• Spain’s Ibex fell -178.42.4 or -2.01%

For the trading week:

• German DAX fell -4.28%
• France’s CAC fell -4.09%
• UK’s FTSE 100 fell -5.33%
• Spain’s Ibex -6.09%

Technically speaking, the German DAX and UK’s FTSE 100 both are testing key weekly moving average levels.

For the UK FTSE 100, it too tested its 100 week moving average at 7320.42. The low for the week reached 7309 point but has rebounded off that low and is closing just above the moving average level (the closes at 7335.41).

Like the German DAX, next week will be a key barometer for the buyers and sellers. Move below would be more bearish and have traders probing to the downside. Conversely, stay above and traders will start to look toward the closing level from 2022 at 7451.74 as the upside target.