European Close

On 3/29 I expected a technical bounce in the European markets, technical meaning it is only because of technical behavior, not fundamental strength or accumulation.

Last night I warned that bounce is over, here's today's close with additional technical damage being done to the European Top 100 Index

The Index closed down today -1.99%, the X-over screen is giving a sell/short signal, price is below the 50-day and it just broke below the support that I said the index would bounce from. The move up in the EU top 100 has been similar to the move up in the US markets, especially the SPX. This is not good news for Europe and certainly not good for the US, which I think we are seeing clearly through economic data, we are not disconnected from world markets, simply lagging them and catching up fast.