The FTSE100 recovered slightly last week, but still looks to lack any conviction about another attempt on 6000. US Presidential election week may either give a positive boost to sentiment or knock it the other way. The 20/50 dma crossover on the FTSE is still surprisingly positive although the index seems to be stuck in a tight range at the moment. The 20/50 dma's seem to be reflecting this tightness.
Eurostoxx index shows a rare coming together and staying together of the 20/50 dma. Usually you get crossovers confirmed fairly quickly, even the ones that fail and then go back in the other direction. The dma's being this close together suggest uncertainty. Whether this is also consolidation before another move up remains to be seen. Still could go either way. Another point to note about the Eurostoxx is the triple top that might be heading for a quadruple top, something has to give eventually.
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| FTSE100 |
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| Eurostoxx50 |
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