CAC 40 hands back earlier gains as sellers step in above 7,300

Earlier today the CAC 40 rode higher on the coattails of the DAX again. The CAC reopened at 7,244.74 and lifted immediately above 7,300, hitting a peak at 7,319. However, it did not stay up there for very long, even as the DAX was breaking new ground above 20k. Well, the DAX has handed back some of those gains now and that has added pressure on the CAC, which was falling back anyway. So, it seems that sellers have stepped in again to sell the rally and knock the French index lower. Until there is some semblance of agreement in French politics (which seems increasingly unlikely at the moment), this pattern looks set to continue. So, far the earlier low on the opening, at 7,240 has held, but if it does not, then we could be looking at further downside. The CAC 40 is currently trading at 7,253