DAX struggles to move up
Although the day finished off its highs, most of the gains have been held overnight. The next push needs to take the index through the 50-day simple moving average (10,425) and above the key resistance zone of 10,428.
This would then raise the prospect of a steady push back to the August highs around 10,800, as strong seasonality kicks in for the index, which has historically posted very healthy returns in the final quarter of the year (average return over 6%).
Dow continues uptrend
It was an odd session for the US, with a healthy start giving way to clear pre-Federal Reserve nerves, a state of affairs that may well continue today for the index.
Nonetheless, the rising uptrend off the February lows still holds, and once the Fed is out of the way dip-buyers may return in earnest.
Patience, therefore, is probably the watchword here. On 15 and 19 September the 18,250 area acted as resistance, so this is the first level to watch, while over the past two sessions 18,100 has held as support. Below this, the rising trendline comes into play at 18,070.