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CAC 40 Trades to Monthly Highs
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Talking Points
The CAC 40 Advances on Global Equities Rally
Prices Approach Resistance at 4,582
SSI is negative, reading at -1.11
CAC 40 30 Minute Chart
(Created using Marketscope 2.0 Charts)
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The CAC 40 is trading up 1.11% this morning, as European stock markets are seen rallying today along with other global equities markets. So far in early trading 37 of the listed CAC 40 components are trading higher, with Danone leading the pack trading up 4.17%. Of the three decliners, Bouygues has the biggest loss trading down -1.77%.
Technically, the CAC 40 has closed higher in four of the last five trading sessions. With today’s advance, prices are now testing the previous March 2016, which resides at 4,582. A breakout above this point would be considered substantial, as the next point of resistance is found at the yearly high at 4,653. Alternatively, if prices remain under resistance, it opens up the Index to move back towards monthly lows. Currently the April low stands at a price of 4,211.
Find out the latest positioning totals with DailyFX’s sentiment page
SSI (speculative sentiment index) for the CAC 40 (Ticker: FRA40) is currently reading at -1.11. This negative value has contracted from last week’s reading of -1.66. In the event of a bullish breakout, traders should look for SSI to once again extend toward negative extremes. Alternatively, in the event of a bearish reversal, traders should look for SSI to flip towards a positive reading.
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