What's striking about European stocks this morning isn't so much the price action as the volume -- lots of shares are changing hands, with turnover 55% above the 30-day moving average.
It's a sign the market is grasping for direction, and while they're down now, it feels like stocks in the region could just as easily swing positive -- the overall market isn't particularly risk-off, with gold and the yen down and U.S. index futures up.
Investors can expect volatility and intraday swings for the foreseeable future, and may turn to techincals for near-term guidance. With no short or long-term support from DMAs, dropping much more below levels we saw in August may signal the start of a more full-scale rotation out of equities.
Source: Bloomberg Pro Terminal
Jr Trader Alexander Kumanov
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