The DAX prepares for consolidation phase and traders should probably keep an eye on the US markets as well. This is seasonally a bearish period for the DAX and as the technology sector in the US continually takes a hit, perhaps it won’t be too long before the rest of the markets follow suit. The DAx is also struggling to remain above 13,000, especially after the heavy sell off recently.
But we trade intraday, so regardless of the economic landscape, we will look for opportunities to trade in either direction. Head to the DAX trading signals page for more information.
One thing to be aware of: the Financial Times reported that the UK government considers passing an Internal Market Bill, which undermines the Withdrawal Agreement on areas including state aid and Northern Ireland customs. It’s hard to know what this means; perhaps the UK tries to put the EU under pressure, as the negotiations are about to enter their final phase. The move has infuriated the EU, as it thinks it undermines negotiating in good faith ahead of the next negotiation round beginning tomorrow. PM Boris Johnson has also said that if there is no agreement at the time of the EU council meeting on 15-16 October, the UK will stop negotiating and prepare for no deal.
DAX 30 Review From Last Session
During the last session, we saw the DAX 30 reach a session high of 13463 and a session low of 12933 giving us a range of 530 points compared to the average daily range of 265. At the close of play last session, the market closed at 12996 which was 775 points above the 200EMA and 259 points above the 50EMA.
DAX 30 Index Key Levels
Looking at the key levels to watch today, watch out for the previous session Point of Control (POC) at 13422 and the previous session Volume Weighted Average Price (VWAP) at 13254. The value area high (VAH) is currently 13463 and the value area low (VAL) is currently 13178.
DAX Technical Indicators
| Indicator | Value |
|---|---|
| RSI | 54 |
| Stochastic | K: 43 and D: 62 |
| MACD OSMA | -1 |
| Point of Control (POC) | 13422 |
| Value Area High (VAH) | 13463 |
| Value Area Low (VAL) | 13178 |
| The DAX Pivot | 13130 |
| The DAX R2 | 13661 |
| The DAX S2 | 12600 |
| Daily 5 EMA | 13081 |
| Daily 8 EMA | 13067 |
| Daily 50 EMA | 12737 |
| Daily 200 EMA | 12221 |
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