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 11.05.2017
Last afternoon, the weak financial performance of Macy’s and Snap retailers spoiled the mood. The latter has had a very successful debut, and yesterday’s disappointing quarterly results have resulted in a share price drop of about 20%. Worse moods overseas also affected the weaker end of the session on the Frankfurt Stock Exchange. DAX index lost 0.36%, the S&P 500 0.22%, and today the Japanese Nikkei ended the session 0.39%on minus.
Today we had German GDP readings, quarter-on-quarter a little below forecasts (0.6% vs 0.7%) and inflation in Germany, there was no surprise here. We are waiting for industrial production in the euro area as well as inflation and sales results from the US. The DAX index dived yesterday to around 12600 points, but eventually the level was defended. This is a good signal for more bullish investors. A strong demand signal will be breaking resistance near 12800 points.
DAX Intraday
DAX index after opening the cash market tried to force the pivot point around 12720 points. This failed and a bullish hammer formation was drawn on the 15 minute chart. This is a potential signal for moving to the R1 resistance near 12780 points. In turn, the descent below the pivot point negates the upward movement and may open the way to S1 support around 12670 points.
Key data for the DAX index
11:00 – Industrial production in the euro area
14:30 – US Consumer Price Inflation
14:30 – Retail sales in the US
