DAX is one of the most popular indexes in the world. It is listed on the Frankfurt Stock Exchange. Virtually every day there is a very high volatility which gives many trading opportunities.
Session Summary 09.05.2017
Election in France is already consumed, and even already digested. This can be seen by behaviour of the stock indices and main currency pair EUR/USD. The euro is starting to give back some gains to the dollar as interest rates rise in the US is on mind. The probability of such a move in June on the basis of futures contracts on the federal funds rate is now more than 80%. On the stock markets after Monday’s profit taking, as we wrote earlier, we have returned timidly to gains. Stock markets show bullish attitude after this short profit taking. Investors are quietly looking into the future without seeing any big dangers, as the VIX fear index shows, measuring the volatility on the S&P 500 index. The VIX fell below 10, the lowest level for a dozen or so years.
Yesterday DAX index rose 0.43%. The best result was on E.ON AG’s energy company, which recorded a growth of 4.31%. German insurer Munchener Ruck AG lost 1.58%, Deutsche Post AG logistics company with -0.74% and Volkswagen AG, which closed at -0.72%.
DAX index yesterday tried to force resistance around 12800 pts. Until now this effort failed. Today we can observe similar attempt again.
DAX Intraday
The attempt to break the pivot point around 12740 pts is in progress this morning, which will allow us to move towards the R1 resistance level of around 12785 pts. If this scenario fails and the rate falls below S1 at around 12700 points, it may open the way to S2 12645 points.
Key data for the DAX index
13:00 – Public Speech by ECB Chief (Mario Draghi)
