Another Monday started from strong sellout on Chinese stocks. Shanghai Composite Index ended session on daily low -5.33%. Despite that start of session in Europe was in good moods, after 1 hour DAX was only 40 pts from 10,000 pts. Bulls eventually gave up due to the problems in the US stocks.
With empty macro calendar investors were looking at Wall Street where moods were worse what destroyed optimism in Europe too. S&P500 started high, but only an hour later it was on minus. All the most important European indices lost yesterday, but it wasn’t deep: English FTSE100 -0.69%, French CAC40 -0.49%, German DAX -0.25%. 11 out of 30 DAX companies gained, the most RWE +2.91%, Adidas +2.17%. 19 companies lost, the most Fresenius family: Fresenius SE&Co -2.38%, Fresenius Medical -1.99%.
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On Tuesday there is also no important data but this will be a day of speeches. Three FED members and 2 ECB members will have their appearance. There is high probability of some details about interest rates in the US what can inflict moves on the markets. The closest important data will be Thursday’s BOE decision about interest rates.
On the chart no changes to earlier analysis. For few sessions we can see higher volume what predicts some bigger moves on DAX. The question is which direction will it move. The closest supports: 9,770 pts, 9,650 pts, 9,420 pts, the closest resistances: 9,970 pts, 10,120 pts.
