DAX is one of the most popular indexes in the world. It is listed on the Frankfurt Stock Exchange. Virtually every day there is very high volatility which gives many trading opportunities.
Session Summary 17.07.2017
The beginning of the week on the stock markets began quite quietly. Investors in Europe and the US are awaiting financial results of companies and Thursday’s meeting of the European Central Bank. In June, the Governing Council of the ECB discussed the possibility of further loosening of monetary policy in terms of QE or interest rates, but decided to abandon the possibility of rate cuts and left open the door to possible increase in the scale and timing of the asset purchase program, so it comes from protocol of June ECB meeting. Investors are therefore waiting for some guidance on the future of QE, especially since there have been a lot of comments from the ECB recently on the need to adjust monetary policy to improving economic conditions. However, at present it seems that the QE program will remain unchanged until the end of 2017, as it was planned in April this year, and the first outages will appear in the autumn.
The Nikkei ended the day with -0.59%. Yesterday the S&P 500 closed virtually at the same spot and the change was -0.01%. The DAX index fell 0.35% yesterday. The German index was established on 20 June this year. Historical maxima around 12951 pts. However, he has not been able to stay on this level for too long. However, after a strong downward correction, which ended slightly below 12400 points, the index managed to return above the resistance level around 12600 points, which opened the way to 12800 points. In addition, on Friday a hammer formation near 12600 points has been added to the daily chart, which also confirms the advantage of demand in this area. However, if the index failed to maintain above 12600 points. The nearest level of support is located near 12400 points.
DAX Intraday
The DAX index is currently fighting to break the S1 level around 12540 points, which will open the way to S2 near 12470 points. In turn, the exit above the pivot point at around 12600 points will move to R1 12660 points.
Key data for the DAX index
11:00 – German ZEW Economic Sentiment
