Markets – Macro – Technicals

Euro STOXX

European stocks have been on a tear greatly aided by massive QE programs courtesy of the ECB and the BOE for the UK. The DAX is now up 6 months in a row and the Euro Stoxx index, while far from all time highs has reached a critical spot.

The chart could be seen as a bullish cup & handle pattern, but a breakout above the long term trend line remains unconfirmed as of yet.

A bullish breakout could target the 2007 highs:

What would the chart look like without the ECB running its massive QE program? The honest answer: Nobody knows.

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