Quarterly Outlook
Macro outlook: Trump 2.0: Can the US have its cake and eat it, too?
John J. Hardy
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Technical Update - AEX25, BEL20 and CAC40
Equities 3 minutes to read
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Summary: AEX25. BEL20 and CAC40 all turned bearish last week taking out key supports. Further down side should be expected.
CAC40 seems to drop from support to support level.
AEX25 closed well below key support at 715 to reverse th4e uptrend since October. Bouncing from 700 the trend is down. RSI still showing positive sentiment however, still staying above 40 threshold. A close below will further confirm down trend. AEX is likely to test the 0.382 retracement at around 691 where the three SMA’s 55,100 and 200 will offer support.
If AEX moves below the three SMA’s it is likely to drop to strong support at around 661-654.
For AEX to reverse the down trend a close above 741 is needed.
BEL20 broke bearish out of the rising channel to close below support at 3,670. Buyers lift the Index back above today could prove to be short-loved. If BEL20 takes out Fridays low at 3,639 it is likely to be hit by a sell-.off down to 3,569 and strong support at 3,497
For BEL20 to reverse the down trend a close above 3,767 is needed.
Despite taking out the 1st December Marubozu CAC40 did not close higher thus failing to cancel the top and reversal candle. Heavy sell-off saw CAC taking out support at 6,641 to drop all the way down to next support at 6,522. Next support is at around 6,366 and 6,192.
Friday’s selling pressure resulted in RSI to close below 40 i.e., in negative sentiment. For CAC40 to reverse the down trend a close above 6,823 is needed.
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