Beginning of yesterday’s session started with uncertainty connected with Asian markets – on the one hand Japanese NIKKEI225 gained 1.91%, on the other hand Chinese Shanghai Composite decreased 3.06%. This is the first time in a month when Chinese stocks lost that much in one session. Although lower wick in the daily candle and many days of gains earlier can calm us down. Europe also didn’t care too much and when beginning of Wall Street session also was positive at the end of day European stock were in green field.
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All German indices gained: DAX +.089%, MDAX +1.32%, TECDAX +0.67%, SDAX +0.46%. 24 out of 30 DAX companies had profit, the biggest: Deutsche Post +4.23%, HeidelbergCement +2.89%, Adidas +2.40%. 6 companies lost some value, the most RWE -1.84%, Merck -0.74%. DAX index broke resistance at 10,200 pts and session ended on 10,238 pts. A little worse situation was on DAX FUTURE which were influenced by Wall Street session and ended day on level 10,183 pts.
Thursday will be very important and we should expect a lot of volatility both on EURUSD and on DAX. We will know ECB decision about interest rates and then there will be press conference where there can be more details about monetary policy in Eurozone.
Every Wednesday there is publication of data about investor’s sentiment on DAX:
- institutional: bulls – 63%, bears – 22%, neutral – 15%;
- private: bulls – 62%, bears – 19%, neutral – 19%.
There is more bulls than last week. Almost 2/3 of investors are bullish. We should still wait to see durable appreciation.