The German ZEW is expected to show continued recovery after staging a quick rebound in recent months and I’m expecting the German ZEW to show a continued recovery in economic activity in August. That will be today’s market highlight, so check your economic calendar. That said, there might be limited scope for much further uptick in the expectations. Mainly because of plateauing in high-frequency data and the latest rise in COVID-19 cases. Then we have to anticipate what may happen come September/October when the colder weather comes to Europe and the majority of government subsidies begin to stop. But for now, conditions are favourable for markets.
Good morning traders, it’s Tuesday the 11th of August and time for today’s 11-8-2020 German DAX 30 analysis.
DAX 30 Review From Last Session
During the last session, we saw the DAX 30 find a session high of 12778 and a session low of 12599 giving us a range of 179 points compared to the average daily range of 257. At the close of play last session, the market closed at 12748 which was 683 points above the 200EMA and 310 points above the 50EMA.
DAX Index Key Levels
Moving on to the key levels to watch today, watch out for the previous session Point of Control (POC) at 12681 and the previous session Volume Weighted Average Price (VWAP) at 12691. The value area high (VAH) is currently 12727 and the value area low (VAL) is currently 12661.
DAX Technical Indicators
| Indicator | Value |
|---|---|
| RSI | 58 |
| Stochastic | K: 99 and D: 78 |
| MACD OSMA | -17 |
| Point of Control (POC) | 12681 |
| Value Area High (VAH) | 12727 |
| Value Area Low (VAL) | 12661 |
| The DAX Pivot | 12708 |
| The DAX R2 | 12887 |
| The DAX S2 | 12530 |
| Daily 5 EMA | 12768 |
| Daily 8 EMA | 12739 |
| Daily 50 EMA | 12438 |
| Daily 200 EMA | 12065 |
Economic Calendar
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 2 trades, so it was a pretty quiet session (1 DAX trade and 1 FTSE trade). Breaking down my DAX trade, 0 were from the DAX trading strategy (DTI) and 1 was from the regular morning DAX signal. Breaking down my FTSE trade, 0 were from the FTSE trading strategy (Using the DAX DTI) and 1 was from the regular morning FTSE signal. Overall, I hit 0 winners, 1 loser, and 0 break-even trades. This gave me a total profit of -1.9% for the day (including a trade I closed around 8 pm). To be honest, the conditions were just not right for my DTI strategy yesterday. We had a situation where the market was neutral and range-bound, we had low participation too. These two conditions make for poor trading, so I am pleased that I had the discipline to sit out. Unfortunately, the move happened this morning, it was too impatient to wait until we were ready to trade it :-D.
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