DAX stuck in a range
Stalemate between buyers and sellers has prevailed since the end of September for the DAX.
While the index is unable to break above 12,350 on a sustained basis, dips towards the 12,200 area have found buyers, with yesterday’s early decline finding plenty of buyers. A break of this area opens the way to 12,100 and then 11,900. Any rally that fails to break 12,400 is a selling opportunity, and a close above 12,450 is needed to restore a more bullish view.
S&P 500 falters after recent strength
While the S&P 500 rebounded from its lows yesterday, the sellers do still seem to have the upper hand.
Below 2883, the price heads towards the 2870 zone of support. A recovery above 2920 would suggest that the downward move has run its course.