The DAX 30 broke its wedge to the downside towards the end of the session and began this morning with a gap lower. The zone surrounding 11,000 provided some stubborn resistance. Perhaps traders are still waiting for concrete details on the trade talks in Beijing.
The uncertain outcome from the trade talks creates a nervous environment and that allows for choppy market conditions.
European stocks were in the red in early trading today perhaps because of worries about the upcoming parliamentary vote on the Brexit withdrawal agreement. The UK government agreed to accept an amendment which states that the Parliament will only accept Prime Minister Theresa May’s deal in case the European Union provides “further assurances” regarding the Irish backstop. There is a very real possibility of ‘yet another’ referendum to decide whether the public should accept the deal Theresa May’s government has put together. Expect more volatility as events unfold.
US v China
A spokesman for the Chinese Ministry of Commerce says that during the three-day talks, China and the United States made progress on structural issues such as forced technology transfer and intellectual property rights. Both sides are being “serious and honest,” but offered no insight into what they agreed upon.
The spokesman seized the opportunity to urge foreign auto makers to invest in China, noting that the country supports the strategy which follows the principles of free trade set out by the WTO.
10-01-2019 Key Levels
We have a number of exposed levels to watch as potential targets, looking at the POCs in the third chart at the bottom (below).
|Point of Control :||10900||6918||23885||3092|
|Value Area High :||10926||6931||23945||3082|
|Value Area Low :||10877||6908||23844||3073|
|Camarilla Breakout (Bull)||10965||6936||23952||2973|
|Camarilla Breakout (Bear)||10824||6883||23714||2935|
10-01-2019 Dax Charts
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