Technical Analysis
DAX ANALYSIS
(6126) The DAX formed on Friday a negative outside day reversal with now 6275 – 6055 the levels to follow in the coming hours. A daily closing below 6055 will support a deeper correction.
Technical Analysis
The euro correction elaborated around Friday morning became more short lived than outlined. Key day reversals seen in several EUR & USD pairs, suggesting that the underlying trends, weaker euro/stronger dollar is back on track.
S&P ANALYSIS
(1276,50)The S&P plunged already below the 200 hours line, now s/t resistance at 1278,30. While below 1281,00 on an hourly closing we expect a 1270 undershooting where we close our short. Note however that the indicators are already close to the oversold area showing also potential positive reversals.
DAX ANALYSIS
(6090)The DAX confirmed a double top formation plunging below our stop. We expect an extension of the correction toward the 200 hours line at 6039 if not even a move toward the important support line at 5873. However this decline is corrective and a new buying opportunity!!!!!!!!!!!!!
BUND ANALYSIS
(139,01)The BUND found good resistance already below 139,45 where it formed a small double top. The closing was negative but only a daily closing tonight below 138,95 will favour lower levels.
DAX ANALYSIS
(6244) The DAX confirmed a strong closing yesterday above the resistance of the inside day at 6210 supporting higher levels. We expect an extension toward the target at 6331with even a possible overshooting toward October’s high at 6456!!
Technical Alert – euro short covering across the board
One big theme emerging yesterday, euro shortcovering. So the common currency up agains everthing else, even helping pushing AUD and NZD lower ag the greenback. The correction will likely continue for a day or two longer given the extremely oversold status.
S&P ANALYSIS
(1294,60)The S&P managed to confirm a strong closing last night despite the drop toward 1281. Possible a retest of the 1297,50 level and an hourly closing above this level will support further strength suggesting a 1300 overshooting that could mean an extension even toward 1314!!
S&P ANALYSIS
(1281,50)The S&P confirmed a s/t top after having confirmed our target at 1293,60. Possible rebounds are selling opportunity especially in case of a retest of the 1288/90 area. We sell a 1288,00 overshooting for a drop toward the 200 hours line at 1274,31!!
S&P ANALYSIS
(1286,90)The S&P failed also yesterday to confirm our target finding good resistance already at 1289,20. Only a break below 1279,30 will however support lower levels suggesting a test of the 200 hours line at 1272,97, where we expect decent support.
STOXX 50 ANALYSIS
(2344)The EUROSTOXX 50 confirmed a further positive closing suggesting further upside potential for this index toward the 2400 area. The indicators of the daily chart are well positive and also those of the s/t ones are in positive territory this morning supporting a possible move up.
DAX ANALYSIS
(6161) The DAX confirmed yesterday a session of consolidation forming a new inside day with now 6210 – 6065 the levels to follow. The closing was however positive last night but still it failed to confirm one above 6186.