CAC40 : The rounding tops show a bearish momentum

TVC:CAC40   CAC 40 Index
The CAC40 is consolidating between 4300 and 4520 pts since the middle of July. The US indices are currently showing weaknesses, and so does the french equity market.

The resistance area at 4550, doubled with the other one at 4520, definitely constitute a barrage for the buyers to go higher. The bearish forces are getting a bit stronger as weeks pass, as shown by the rounding tops. The long term moving average (200 days) remains decreasing, which highlights the downside underlying trend.

The first steam to break is the ascending trendline (blue). The current price at the CAC40 is high enough to initiate a short position :
- Short @ 4460
- Target @ 4315
- Stop @ 4520
(just above the first resistance)
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