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May 01, 2023- Medium-term trend indication turns negative after MACD index generates a crossover sell signal
CAC is on a 5 day downtrend A slight improvement can be seen from Friday's session: CAC moves 0.1% to close at 7,491.5 Friday.
The index has been trending positively for about a month. CAC 40 is now trading 48,433% above the significant low (15.42) it slumped to 7 months ago.
The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions.
Despite the market lacking direction, technical chart analysis strongly suggests CAC is positioned for a downward move in the near term.
While CAC was pretty flat Friday, mixed performances were seen elsewhere as Dow Jones went up by 0.8% Friday, and closed at 34,100. Nikkei is trading around 29,121 after ending Friday's session at 28,856 (up 0.92% today). FTSE is trading around 7,870.57 after ending Friday's session at 7,831.58 (up 0.5% today).
Upcoming fundamentals: Euro Zone Consumer Price Index is expected tomorrow at 09:00 UTC.
