Germany’s DAX recovered above the 2007 high at 8200. Follow-through above 8500 would offer a long-term target of 9500*. Rising 13-week Twiggs Money Flow indicates buying pressure. Reversal below 8000 is now unlikely, but would warn of another test of primary support at 7700.
* Target calculation: 8500 + ( 8500 – 7500 ) = 9500
The FTSE 100 is consolidating between 6500 and the 2007 high of 6750. Breakout above 6750 would signal an advance to the 1999 high of 7000. Bearish divergence on 13-week Twiggs Money Flow, however, warns of a correction. Reversal below 6500 is likely, and would indicate a test of 6000.
Spain’s Madrid General Index is testing resistance at 900. Long-term 13-week Twiggs Money Flow remains weak, but breakout above 900 would indicate an advance to 1050*.
* Target calculation: 900 + ( 900 – 750 ) = 1050