Bulls managed to keep control over DAX for only 90 minutes during Thursday’s session. After this time decreases started and as a result monthly low was broken. Decreases were caused by weak behaviour of US indices. I already wrote about necessary of S&P500 drop and I pointed that there should be a rebound in 2,020-2,040 pts area. It really happened, 2,040 pts area stopped bearish wave. We are not sure if it is stopped for real or just temporarily.
On Thursday most major indices lost some value. FTSE100 -0.40%, CAC40 -0.90%, DAX -0.98%, S&P500 -1.20%, NASDAQ -1.47%. 24 out of 30 DAX companies lost some value and 6 of them decreased more than 2%. The leader of depreciation was Daimler -4.77%. There is also strong bearish pressure in the banking sector, in two weeks Deutsche Bank lost almost 25% and Commerzbank 10%. It is happening not only in Germany, Spanish Santander lost 14% in two weeks. It is the side effect of ultra-low interest rates which Mario Draghi is keeping in EU.
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On Thursday DAX futures tested 9,440 pts area which is March 10th support. A little different situation is on DAX where both March 10th decreases and today’s low are 50 pts higher. Situation on chart is not positive for bulls. The have at least to close bearish gap so index should close above 9,800 pts. Supports for DAX futures: 9,440 pts, 9,300 pts, 9,100 pts. Resistances: 9,600 pts, 9,680 pts, 9,850 pts.
