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 25.07.2017
Yesterday, we watched a reflection of the DAX index that followed its US colleagues. This is mainly the US indexes driven growth in other equity markets. The reason for these good moods in the US was the publication of higher than expected quarterly results. The S&P 500 has set a new historic level at around 2477 points. The German index also helped read the Ifo index, based on 7,000 surveys, which rose in July to 116 against 115.2 points in last month. It was expected to drop to 114.9 points.
Today Nikkei closed the session with 0,48%. Yesterday the S&P 500 has set a new historic level, ended with 0,29%. The DAX Index ended with 0,45%. 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. Since then he has lost about 5%. It is hard to talk about bear market (according to many sources the bear market starts with drops of at least 20%) but surely there is a stronger correlation. Time will tell whether the correction is going to grow, or maybe it will be an opportunity to move further up? It is impossible to hide that the market is heavily redeemed and even when it comes to rebound, this movement will be subject to considerable risk. However, the nearest end of correction signals can be found on support around 12200 points. At this point on the daily chart appeared hammer formation, which may also suggest a rebound in the near future. The nearest resistance level is 12400 points.
After the opening of the futures market the DAX index balances around the pivot point around 12260 points. Descent below 12250 points. Can open the way to S1 near 12220 points. In turn, breaking the pivot point can direct the course toward R1 around 12300 points.
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