US Bull Market Highly Dependent on This European Stock Index
09/15/2015 6:00 am EST
Chris Kimble, of Kimble Charting Solutions, shares a 3-pack of charts and takes a technical look at the indices of Germany, London, and France over the past 20 years to illustrate that in order for the US bull market to keep running higher, it could depend on what the DAX does at this level.
For the bull market to keep running higher, it could well depend on what the Dax does at the 9,770 level.
The 3-pack below looks at Germany, London, and France.
As you will notice, the DAX has made a series of higher highs, the FTSE has made a series of level highs, and the CAC-40 has made a series of lower highs. This would suggest that the DAX is strong and a leader over other leading European stocks indices.
As mentioned in the top 3-pack, for investors to continue to run with the bulls, it appears very important that the DAX remain above the 9,700 level. If it would close below its 4-year rising channel, selling pressure could well take place.
The DAX has played a leading role in Europe for the past 15 years and what it does at the important support level would impact Europe and the stock indices in the states.
I humbly feel it remains important to keep a close eye on the DAX index.
By Chris Kimble, Founder, Kimble Charting Solutions