Wednesday’s session was rich in macroeconomic data. The beginning of the session was set by good PMI from Europe. Spain and France above expectations, but Germany PMI and EU in general were worse than expectations but still better than last time. This data was published exactly when DAX reached 11,000 pts and then happened rebound. Later data about PPI inflation showed up and it is increasing in Eurozone. Till noon DAX had full support to grow. EURUSD depreciation, nice macro data and good situation on S&P500 futures. Unfortunately whole month without correction and closeness of 11,000 pts resistance made investors aware of fast gains.

On Wednesday all German indices decreased: DAX -0.97%, MDAX -0.13%, SDAX -0.73%, TECDAX -1.35%. 21 out of 30 DAX companies decreased, the most Volkswagen which lost 9.5%. Companies from energetic sector grew: RWE +1.72%, E.ON +0.58%; Beiersdorf +2.9%.

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Every Wednesday there is publication of data about investors sentiment:

  • institutional: bulls = 57%, bears = 25%, neutral = 18%
  • private: bulls = 60%, bears = 19%, neutral = 21%

The amount of neutral investors gained, but there is still huge amount of bulls.

Technically nothing happened but bulls should start attacking fast because last 3 daily candles on DAX created bearish evening star pattern. Decrease of index below 10,600 pts will mean breaking of line trend and test of October’s bullish gap.

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