CAC set to open lower today- 7,450 in the crosshairs again?

Early European (Swiss) Q2 earnings reports from the likes of Nestle and Roche do not make for good reading at all. The Q2 results just released from Nissan in Japan are dire and that is not welcome news for the markets right now. Risk off is clearly now the modus operandi and that follows the reaction to the after hours results last night from Ford and IBM not being well received either. So, the DAX and the CAC are going to have a bumpy ride this morning, when live trading resumes. The CAC came close to the noted 7,450 support level. The index fell to 7,464, but as you can see it held that support level and later rebounded somewhat into the close, at 7,513. However, that close was still a loss of 1.12% on the day. The CAC future is pricing a lower opening today and once again we should be mindful of a potential break and extension below 7,450. That might not happen of course, but just now it looks very likely.- we shall see. The CAC 40 is just now priced to reopen at around 7,470