European Resistance

European stock markets continue to trade in bearish mode. In December 2018, a key support level, which had held since the 2009 lows, was broken. The recent rally has made it back to that trend line, which is a common occurrence, but support has now turned to resistance. The STOXX Europe 600 Index closed on Friday at 358, below its long-term, downward-trending 50-week moving average, which closed on Friday at 372. The Relative Strength Index for $STOXX600 is still below 50, which only happens in bearish declines and momentum (MACD) is also clearly trending lower. Each of these metrics needs to reverse higher before I can take a position in EU equities.


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