How much air is left now?

The Dax was unable to carry momentum from the end of the week into the new week, with the leading German index taking a break. From Wall Street this time there were almost no pulses. In addition, higher-than-expected inflation data from the Eurozone had a negative impact. In the preliminary estimate for October consumer prices up to 10.7 percent (forecast 10.2%). At the end of the trading day, the average plus of 10 points was 13,253 points.

Overall, October was again a good month for equity markets. In the meantime, it was volatile, but eventually achieved a huge gain of around 9 percent. As a result, Germany’s leading index rose more than 1,400 points from its lows at the end of September. But the stock market traffic light is still far from green. So far, Dax has not even broken the barrier at 13,360 points.

The next test is already waiting at around 13,570 points. Not only is there a clear intermediate high, but there is also a 200-day line (EMA) that is relevant to the trend. But that too Sentiment and seasonality plays into the hands of daks. Despite the recent rally, sentiment is still bearish, with pessimism often seen as a counterindicator. Statistically, the best time for the index also starts with the Halloween effect. In the near term, the markets should be boosted by tomorrow’s meeting of the US Federal Reserve Bank.

News and economic data

Today on the agenda are Chinese and US consumer sentiment data. China’s industrial purchasing managers’ index reached 49.2 points, analysts predict that index in the United States should be at the 50 point expansion limit. At 15:00, JOLTs September job offers appear at the same time. On the company side, the focus is on numbers from chip maker AMD, mineral oil company BP and pharmaceutical company Pfizer. In Germany, dialysis group Fresenius Medical Care (FMC) and parent company Fresenius are opening their books. Fresenius and FMC cut their 2022 targets again on Sunday. profit targets. At the beginning of the week, Dax values ​​may still increase.

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Before the market, the Dax rose again to the resistance at 13,360. If it breaks the barrier, the next starting points are 13,392 and 13,455. The leading index may run short here at first. On the other hand, if there is further buying at the moment, it should also reach 13,515. With the cross resistance at 13,570, a failure can be expected at the latest.

If the Dax fails to break the barrier at 13,360, there could be a return. The first target is 13,307. Today’s pivot point (13,259) and gap (13,253) await one floor below. Currently, the leading index may rise again. If not, then Tuesday’s low of 13,216 will be the focus. The slide below would reveal more of the decline. Other targets are 13,168 and 13,126.

Outlook: The leading index still has room for improvement

Dax Support (US)

13,307 is the highest daily rate on 10/31.

13.253/259 – Gap 31.10. / Pivot point

13.216 – daily minimum on 31.10.

13.168 – Pivot S2

13.126 – consolidation zone

13,062 – daily minimum on 27.10.

13.051 – daily minimum on 28.10.

13.023 – daily minimum on 26.10.

12.980/971 – Spin S2 / Medium Low

12,945 – horizontal

12.855 – Multiple WS/US

Dax Resistance (WS):

13.360 – horizontal (D1)

13.392 – Pivot R3

13.455 – 127.2% Extension

13,515 – horizontal

13,564 – all-time high 09/13.

13.573 – 200-Tage-Lines (EMA)

The fundamental and technical analysis used here is not investment advice, nor is it a matter of buying or selling securities or other financial instruments. Past performance is no guarantee of future performance. The analyzes provided are for informational purposes only and cannot replace individual investment advice. Therefore, liability for indirect and direct consequences of these offers is excluded.

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