ChartWatchers

EUROPEAN RALLY PROBABLY OVER

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EUROPEAN STOCKS FALL ... This morning's weak employment report is having a negative impact on global stock markets. European stocks are down 3%. Chart 1 shows the German DAXto be the weakest of the three after having achieved a feeble rally over the last month. Chart 2 shows the French CAC Index failing at 3300 resistance. Chart 3 shows the London Times Index (FTSE) falling back below its mid-August peak at 5377. All three charts strongly suggest that the short-term rally in Europe has probably ended.

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Have a great Labor Day weekend!

- John

Reminder: StockCharts now provides real-time charts for FTSE and Euronext stocks and indexes as well as delayed data for the DAX.  Click here for more information.

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