European stocks close sharply lower today. A horrible week for the major indices as well.

The major European indices are closing the day at sharply lower. For the week, the losses are shocking as investors get out of Europe.

A look at the closing levels for the day shows:

• German DAX, -4.41%
• France’s CAC, -4.97%
• UK’s FTSE 100, -3.48%
• Spain’s Ibex, -3.63%
• Italy’s FTSE MIB -6.24%

For the trading week, 3 of the major indices lost 10% or more in this week alone:

• German DAX, -10.11%
• France’s CAC, -10.23%
• UK’s FTSE 100, -6.44%
• Spain’s Ibex, -9.02%
• Italy’s FTSE MIB -12.63%

Looking at the German DAX, the price traded to the lowest level since December 2020, and in the process has moved below the 38.2% retracement of the move up from the 2020 low to the high seen in 2021. That level comes in at 13221. The price closed at 13094.54.

Next week, moving back above that 38.2% retracement is a first target to get to and through if the buyers are to show some life.