DAX is one of the most popular indexes in the world. It is listed on Frankfurt Stock Exchange. Virtually every day there is very high volatility which gives many trading opportunities.
Session Summary 23.05.2017
Yesterday climate on the stock markets was rather positive. The session was not significantly affected by the terrorist attack in Manchester. Fortunately, such situations do not disturb economic life in a significant way, although they have a negative impact on social life. Yesterday’s sentiments improved good initial readings of the PMI indexes from Euro Zone and Germany, especially concerning industry. WTI oil price is also rising following drop in US inventories by API. Markets, however, are waiting for tomorrow’s OPEC meeting and decision of cutting production in second half of this year.
Today, attention should be paid to public presentation of ECB President Mario Draghi and minutes of last FOMC meeting, which could give more light on number of planned rate hikes in US in 2017.
DAX closed yesterday session +0.31%. The S&P 500 gained 0.18% and it was its fourth consecutive rising session. Today Nikkei ended the session with 0.66%.
DAX index is staying above 12600 points giving a bullish signal with next level – historical peak at around 12800 points.
After opening futures market, DAX index is struggling to break pivot point around 12,650 points. If this art succeeds, the course could move towards R1 resistance near 12,715 points. However, if the pivot point turned out to be too strong for the bulls and a supply signal appeared, index could move towards S1 at around 12,600 points.
Key data for the DAX index
14:45 – Public Speaking (Mario Draghi)
20:00 – Minutes of the FOMC meeting