Monday’s session started with optimism after bulls in power on Asian markets. In the end Chinese indices ended session with small gains and Japanese NIKKEI225 made up for some of the losses and appreciated from -3% level to -1.12%. German DAX started session from gains and after half an hour it was 100 pts above Friday’s close. The power of bulls run out and further part of session was just a flat move in the area of opening. On Monday investors didn’t have anything to hold on because macro calendar was empty and the Wall Street had work free day.
Minor European stocks lost a lot yesterday: Greek ATHEX -3.05%, Polish WIG20 -3.21%, Portuguese PSI20 -3.71%. Major indices also with negative scores, but not so big: French CAC40 -0.49%, English FTSE100 -0.42%, German DAX -0.25%. 19 out of 30 DAX companies lost some value, the most: Henkel -4.11%, Deutsche Bank -3.28%. 11 companies gained, the most Adidas +6.25%.
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In the nearest days we will get to know many macro data. On Tuesday we will know CPI from Germany and Eurozone. On Thursday ECB decision about interest rates. On DAX chart it is hard to spot an trace of optimism. Situation can be better if there will be rebound on S&P500, after that we should also see some bullish move on DAX. The closest supports on DAX future: 9,420 pts, 9,300 pts. The closest resistances: 9,660 pts, 9,770 pts, 9,970 pts.
