DAX met by buyers
So far, yesterday’s bounce has been met by buying, with the 11,145 area acting as support. The immediate levels to watch are 11,286 and then 11,327, with the December 2015 peak at 11,430 the major obstacle to further upward progress. A break below 11,145 would head towards 11,090 and then 11,025.
DAX traders may want to keep a weather eye on the US dollar index and EUR/USD. The latter may be poised for further gains that could put pressure on European indices.
S&P 500 aims at another all-time high
The index doesn’t really see pullbacks at present, just small dips that still get bought. Nonetheless, with the Federal Reserve tomorrow, indecision is likely to rule the day in US indices.
A break above 2266 will put us back in new all-time high territory, while bears will need to get the price below 2235 to suggest more weakness is on its way.