Review - Day Session
The market sold off from an overnight high at 2104.75 to open at 2085.25, and continued to break lower down to 2072.50. The session filled in an area of thin volume from 06/30 and left a poor low and a gap above to last Friday's low.
The day session chart below also has the composite profile with the last 5 years back-dated volume. We're currently holding above the high volume area which is a positive for bulls. Inside the yellow box highlighted trade has historically been choppy, with exception to the extreme moves after Brexit. Holding below the 2029 area, which closes one of the gaps, would put sellers back in control to target the poor low made at 1981.50 (which was also at the yearly VWAP).
Overnight
Weakness has dominated despite an early attempt to rally higher after the European open. The banking sector is at 5 year lows in Europe today with record lows from Deutsche Bank and Credit Suisse and risk of default seen in Italy's Banca Monte dei Pashi.
The range is 2066.75-85.75 currently