As we look across the major global stock market indices, we see some divergences appear. And here, we highlight one that appears to carry some importance.
While the U.S. stock market indices are far from the 2022 highs, the same cannot be said for the German and French indices.
As you can see on the chart above, the German DAX and French CAC 40 are within a small percentage of 2022 highs (1).
This price level represents important breakout resistance. While a pause or pullback could occur, we must realize that a breakout to new highs would be very bullish for these European stock market indices.
A dual breakout would also send a positive message to stocks in Europe and around the globe.
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