The French market (via ETF) has fallen through support at the 21 level. However, prices are trading between the 20 and 21 price level. The EMA picture is negative: shorter EMAs are below the longer and prices are below the 200 day EMA. The MACD has given a buy signal, but it is still in negative territory, while the CMF and A/D line are bearish. The only good news in the chart is prices are trading in a range.
While the Spanish market rallied yesterday, it's overall technical picture is terrible. Prices are consolidating near 6-month lows. The shorter EMAs are moving lower, and prices are below all the EMAs. The MACD is also weak.
The Italian market is also trading near 6-month lows, clustering in a pretty tight range. However, the underlying technicals are still bearish -- dropping EMAs, and A/D and CMF lines. While the MACD is rising, it's in negative territory.
The German market is still hanging onto technical ground, trading right around the 38.2% Fib level of the December - March rally. Prices are also trading right around the 200 day EMA level, which is right between bull and bear markets.
The German market is hanging on by a technical thread right now. And, considering the terrible technical condition of its surrounding markets, I wouldn't be surprised to see the DAX start to move lower.
The oil market has taken a major dive in the last three days, with prices moving from the 106 - 97.04 level -- a drop of 8.5%. Also note the sharpness of the drop and the increased volume on the sell-off. This is a classic "get out, NOW!" price chart, indicating traders have very much soured on the oil markets.
