Today’s trading session has been bearish for European stock indexes so far. Investors are in panic over the possibility that Germany and Spain may undermine the bond purchase plan. Tomorrow, the Supreme Court of Germany is expected to announce its final decision over the legitimacy of the plan. It is highly probable that the court will forbid the German authorities to participate in the program.
George Soros assumes that Germany’s current stance escalates the economic and debt crisis in Europe.
· Stoxx Europe 600 lost 0,36% and declined down to 270,70
· Dow Jones Euro Stoxx 50 dropped 0,23% down to 2522,69
· FTSE 100 dropped 0,18% down to 5782,61
· CAC 40 depreciated by 0,30% down to 3495,61
· DAX went 0,08% down to 7207,70
The chart below, courtesy of , reflects the current state of affairs in the market of FTSE 100: The index has probably finished forming a 5-wave pattern and is now consolidating for another bullish move. If the supposition is right, we may well see another major (stronger and more prolonged) upswing in the short run.
