Whilst the burden of proof still firmly rests with the bulls, there are signs of improvement in European equity markets. The chart above shows Europe's 50 largest companies have managed to retrace back above the neckline of the large, downward sloping H&S pattern that began in 2017. Whilst the pattern hasn't yet failed, a move outside of the trend channel would be a significant development and a plus for the bullish column.
France, whilst remaining below a major long-term trend line drawn of subsequent peaks beginning way back in 2000, has managed to break out of it's downtrend that began in September last year. Any move back above the long-term trend line would be extremely bullish and the most recent price action would then have to be viewed as a failed breakdown.
Italy has broken it's downtrend and sports a failed breakdown and bullish divergence.
And Spain has also managed to break out of its channel also.
Still more work to be done but the signs look positive for the time-being.