Welcome to the DAX MARKET SUMMARY 30102014. Stocks in Europe gained Thursday in a big swinging seesaw session, but some banks remain a weak spot. A better-than-expected reading on the U.S. economy gave shares a lift in the afternoon, helping the major markets higher.
Nearly all markets opened higher after digesting the Federal Reserve meeting and were encouraged by some solid earnings reports in Europe. The DAX followed U.S. markets higher after data released Thursday showed gross domestic product in the world’s largest economy rose at an annual rate of 3.5% in the third quarter, above forecasts of 3.1%. On Wall Street, the S&P 500 added 0.4% midway through the session and the Dow Jones Industrial Average was 0.9% higher.
DAX MARKET SUMMARY 30102014
Price fell below 9000 but was seemingly rejected and thrown back up again which presented lots of opportunities today as the swings allows traders to jump on the ride down and ride the rally back up again. The daily candle is showing a hanging man which is typically a bearish reversal candle as bulls begin to lose control and demand begins to fall. There is clearly some strong sellors around these levels and only time will confirm who will win. For this to be a valid bearish signal, tomorrow needs to be a very bearish day.
My prediction for today was to climb higher and then be bearish, perhaps hit 9000 and fall. I was a bit off today. Lots of the bearish levels were hit today:
DAX MARKET SUMMARY 30102014 Key Levels
| KEY LEVELS | |
| 200 Day MA | 9349 |
| Daily R2 | 9221 |
Thanks for reading the DAX MARKET SUMMARY 30102014.
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