Monday’s session started optimistic with bullish gap. It all went smooth until Americans showed up. DAX touched 11,000 pts level, but when US session started with decreases which were lasting all day, German bulls lost confidence. The result is daily candle with long upper wick.
All German indices ended day with gains: DAX +1.25%, MDAX +1.71%, TECDAX +1.85%, SDAX +1.19%. 25 out of 30 DAX companies appreciated, the most Vonovia +3.38%, Beiersdorf +2.66%, Deutsche Telecom +2.53%. The biggest losses: RWE -2.62%, Commerzbank -1.44%. Probably situation will not change much until next week’s FED decision, but also this week we have some macro data which can help us. Today we will know Eurozone GDP, but the most interesting will be BoE decision about interest rates on Thursday. Anything related with interest rates cause volatility, even when rates do not change because analysts are looking for some details about economic conditions.
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On DAX future price is moveing between resistance at 11,000 pts and support at 10,650 pts. More details about moves in the longer time I have written in yesterday’s weekly update.
