The most important event of last week was ECB meeting. As expected Draghi cut rates and increased QE by another 20B USD. If that was all volatility would be smaller, but ECB President said that it was last rates cut what gave some power to the bulls.
It is already over and new week also will be very exciting. FOMC will decide about interest rates. Markets do not expect rising those and FED conference will be interesting material to analyze.
DAX D1: Bullish trend is continued after breaking above bearish channel. 6 sessions before ECB decision were flat and Thursday changed it. After breaking 9,910 pts there is new high and low and index is at highest level since almost 2 months. The closest resistance is at 10,130 pts and next one in 10,480 pts area. On Thursday very huge volume showed up with bearish candle, however looking at H1 time frame we can see that the biggest part of it was during low of this candle.
S&P500 D1: Bulls are winning over here too. Friday’s session was ended above resistance area 2,000-2,020 pts. The closest resistance is on 2,045 pts and after breaking it strong resistance is at 2,080-2,100 pts. Optimism came back but the most important will be reaction on FOMC decision. Although on D1 time frame we can observe smaller volume, but a look at W1 chart show us clearly higher volume in lows what should help bulls.
