Summary of the session 29.08.2018
DAX gained 0.27% on the previous session, yet the second trading day is in a lateral trend, creating a so-called “shelf”. In the USA, the next day of growth, SP500, moved away from the level of 2900 points, the attention of investors focused on the preliminary reading of GDP, which was read at 4.2% compared to the forecast of 4%.
Among the DAX components, Fresenius Medical Care recorded the best result, gaining 2.38% and Vonovia 1.45%. The lowest score was achieved by Covestro, which fell by 2.02%, while Henkel lost 0.58%. DAX Volatility, which measures the volatility of the implied option on the DAX has reached a new minimum of 1 month.
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Yesterday, the level of support for the S1 worked well, but this morning, the area is being retested by bears. From above, the weekly resistance of R2 – 12570 is an unbeatable level so far; after the opening of the market, they are still under DP 12 540, which is why a 12 480 week pivot and the support of S2 – 12 465 can be under pressure.
Looking at the European and American markets, we can see that DAX stands out from the top, in August the loss is almost 2% (blue), while the stock exchanges in France and Great Britain have already made up recent losses. Wall Street remains the unbeatable leader, with SP500 gaining more than 3% this month. Macroeconomic data will provide us with, among other things, an initial reading of the CPI and a change in employment on the labour market in DE.