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CAC 40 Breaks to New 2017 Highs

CAC 40 Breaks to New 2017 Highs

Walker England, Forex Trading Instructor


Talking Points:

The CAC 40 remains little changed for the session (-0.03%), as European markets remain mixed after this morning German GDP data release. Expectations of 1.8% were missed, with an actual total of 1.6%. Top Winners for the CAC 40 include LafarageHolcim (+1.55%) and Publicis Groupe (+1.54%). Top Losers for the CAC 40 currently include BNP Paribas (-1.27%) and Societe Generale (-1.21%).

Technically the CAC 40 is trading just off of new 2017 highs found at 5,083.8. This new high was put in place earlier today, and has come after breaking out from an ongoing range which was discussed earlier in the week. It should be mentioned that the Index remains above both its 10 day EMA (exponential moving average) at 5,036.12 and its 200 day MVA (simple moving average) at 4,675.83. Both averages continue to work as values of support, and in the event of a reversal traders should look for prices to first break below the depicted 10 day EMA.

CAC 40, Daily Chart with Averages

(Created Using IG Charts)

Current market sentiment for the CAC 40 (Ticker: France 40) remains extreme, with SSI reading at -4.5. This reading shows that only 18.2%% of traders are net long, while 81.8% are net short. Since CAC 40 SSI totals flipped negative on February 24th, the Index has now rallied over 3.4%. In the event that the Index continues to trends higher, it would be expected to see this value remain near negative extremes. However in the event of a bearish turn in the trend, traders should look for sentiment totals to move back from extremes towards a more neutral value.

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--- Written by Walker, Analyst for

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