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The CAC40 Trades Higher for Fifth Day

The CAC40 Trades Higher for Fifth Day

Walker England, Forex Trading Instructor

Talking Points

  • The CAC40 is Trading Up .81% on the Day
  • CAP Advances 5.4% On Tech Sector Advance
  • SSI Declines From an Extreme to +1.96

CAC40 30 Minute Chart

(Created using Marketscope 2.0 Charts)

Losing Money Trading? This Might Be Why.

The CAC40 is poised to continue its rally for the week, with the Index working to close higher for the fifth straight trading day. As of this morning, the CAC40 is trading up .81% on the day. So far, Cap Gemini (Ticker CAP) shares are leading the way, with the stock trading up 5.41 %. Tech sector shares have continued to perform well relative to the broader market and have the biggest gain by sector.

Technical traders should continue to monitor key values of resistance as the CAC40 continues its advance. Next resistance for the Index is the psychological 4,300. A break above this value will potentially open up a broader bullish move to test the February standing high which is found at 4,435.

SSI (Speculative Sentiment Index) for the CAC40 (Ticker FRA40) has declined from Mondays extreme +3.50 reading. Currently, sentiment remains long at a reading of +1.96. Even though this number is not considered an extreme, when taken as a contrarian signal SSI still favors a resumption of the CAC40s long-term downtrend. In the event that prices continue to rally, sentiment values would be expected to then drop towards a more neutral value.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.