If we were to break down below the €6000 level, then the CAC is almost certainly going to drop another €200. Ultimately, we could turn around a break above the highs of the Wednesday session, and that could open up a move to the €6400 level. The 50 Day EMA sits above and is shrinking, so I think it probably comes in to offer a certain amount of resistance as well.
With this, I like the idea of fading short-term rallies that I can take advantage of, for shorting this market on a breakdown. I do not have any interest in trying to buy the CAC until I see the DAX show signs of strength. After all, the CAC is number two when it comes to inflows in the EU, and of course as I stated previously, luxury goods are a major part of it.
The market continues to be one you will probably have to trade-off of a short-term chart, you most certainly will have to trade smaller positions unless of course, you have a huge account that you can trade. If we do see a turnaround in the DAX, I may use the CAC as a potential “catch-up trade”, but I do not see that happening right now, and it is likely that the markets will continue to offer plenty of opportunities but it may take a couple of days to cause enough of a bounce to get involved in. The markets will be noisy, but that should be something you are used to as we have been grinding back and forth in a descending channel.
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