CAC 40 set to reach a new interim low on the opening today

Yesterday the CAC 40 got whacked. That has been covered in earlier updates, but here is a closer look at the price action. The CAC 40 closed below 7,400 yesterday and that was not a positive development. The slide in the US stock markets after the European close sent the CAC futures lower since then and right now the index is priced to reopen this morning, below its most recent relapse lows. That low was set at 7,341 on July 25 and the low point seen yesterday was set at 7,358. Right now the index future is suggesting an opening just above 7,300. So, it seems we will get a break below 7,341 on the opening today and in terms of support levels below that price point, the chart does not indicate very much this side of 7,100. That is not to say it will get down there, but more to point out; there is not much technically standing in the way of it doing so.