Good morning traders, it’s Friday the 3rd of July and time for today’s 03-07-2020 DAX analysis.
The German index continues to fluctuate between hopes of an economic recovery and corona concerns, which are currently fueled with new high infection rates almost every day, especially in the United States and Asia. There are no exciting economic data releases in the euro zone today, so investors are not expected to seee any new impulse waves from the DAX either. Today is a quiet day with US markets being closed due to Independence Day tomorrow.
Non-farm payrolls surged in June with 4.8m jobs, the biggest increase on record and more than the 4m consensus. The May figure was also revised upwards. Unemployment rate is still 11, so although the job market is improving there is still a long way back to normal as only just over a third of the historic plunge in April has recovered.
DAX 30 Review From Last Session
During the last session, we saw the DAX 30 find a session high of 12649 and a session low of 12222 giving us a range of 427 points compared to the average daily range of 320. At the close of play last session, the market closed at 12556 which was 705 points above the 200EMA and 734 points above the 50EMA.
DAX 30 Bias
The DAX is currently Bullish.
The DAX 30 Index index is currently showing a progressive series of higher highs and higher lows. The trend defining level is currently 12069, so the market remains bullish above that level. In order for the market to remain bullish, we need to take out 12655. I will again be looking to use the DAX trading strategy to provide some useful setups today.
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DAX 30 Levels To Watch
Looking at the key levels to watch today, watch out for the previous session Point of Control (POC) at 12606 and the previous session Volume Weighted Average Price (VWAP) at 12519. The value area high (VAH) is currently 12621 and the value area low (VAL) is currently 12468.
|Stochastic||K: 95 and D: 79|
|Point of Control (POC)||12606|
|Value Area High (VAH)||12621|
|Value Area Low (VAL)||12468|
|The DAX Pivot||12476|
|The DAX R2||12902|
|The DAX S2||12049|
|Daily 5 EMA||12454|
|Daily 8 EMA||12396|
|Daily 50 EMA||11822|
|Daily 200 EMA||11851|
To keep up with the economic calendar and the latest price action, click this link to open up the DAX chart. Here are the most important announcements for today
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As for my index trading; during the last trading session I took a total of 6 trades (3 DAX trades and 3 FTSE trades). Breaking down my DAX trades, 2 were from the DAX trading strategy (DTI) and 1 was from the regular morning DAX signal. Breaking down my FTSE trades, 1 was from the DAX trading strategy (DTI) and 2 were from the regular morning DAX signal. Overall, I hit 0 winners, 4 losers, and 1 break-even trade. This gave me a total profit of -2.5% for the day (including a trade I closed around 8pm).
To keep a track of the trading results, you can read the dax trading spreadsheet. In order to get access to the signals and to the strategy, you will need to be a member of the site. Find out more about membership.
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