FTSE 100, DAX 40 and CAC 40 drop on European elections shift to the right and French snap election
Outlook on FTSE 100, DAX 40 and CAC 40 following European election results which saw a significant shift to the right.
FTSE 100 dragged down by European peers
The FTSE 100 dropped to 8,172 as it was dragged down by weaker European markets as European elections showed a significant shift to the right. The index recovered quickly, though, and traded back around Friday’s close at 8,222.
A now less likely fall through Monday’s intraday low at 8,172 would lead to the late May low at 8,138 being revisited whereas a rise above Friday’s high at 8,306 is needed, for a bullish reversal to gain traction and for the 8,364 early June high to be back in the picture.
DAX 40 drops to one-week low on European election result
The DAX 40 revisited its early June low at 18,361 as the right wing Alternative für Deutschland (AFD) party came second in Germany and France’s President Emmanuel Macron called snap legislative elections. While this low and the 55-day simple moving average (SMA) at 18,346 underpin, a recovery rally may well take place in the course of this week with the early June high at 18,578 representing a possible upside target.
Failure at 18,361 would put the 18,238 late April high on the map, though.
CAC 40 drops to four-month low on French snap election
The French CAC 40 index intraday dropped to 7,773 on Monday morning as President Macron called a snap legislative election in the wake of his party being trumped by the far right at the European elections, leading to fears about the far right taking power in France.
The index rapidly managed to heave itself back above its 7,852 mid-April low, though, and may try to engage resistance at 7,898 to 7,914. It is made up of the late February, March, mid-April and early to late May as well as early June lows and as such is expected to cap on Monday.
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