Interesting charts
Euro Stoxx Banks Index – The European banks sector remains the subject of uncertainty in the aftermath of Portugal’s nationalisation of Banco Espirito Santo. The Index is ranging with a downward bias below the 200-day MA and a clear upward dynamic will be required to question potential for a further test of underlying trading.
Spain – posted a new closing low today and is threatening to break the yearlong progression of higher reaction lows. It will need to find support within the next 500 points if medium-term potential for continued higher to lateral ranging is to be given the benefit of the doubt.
Saudi Arabia – continues to extend its advance and while increasingly overextended relative to the 200d-ay MA, a clear downward dynamic would be required to check momentum.
