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S&P 500 & DAX Technical Forecast

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S&P 500, DAX Evaluation and Information

S&P 500 | Bulls Take ManagementDAX | Upward Stress Resumes

Supply: Thomson Reuters, DailyFX

S&P 500 |Bulls seem like taking management with the index making a topside breach of the 2940-60 resistance zone. The S&P 500 appears to be like to be making a transfer to check the 3000 stage with the RSI offering affirmation of an upside bias having hit a 5-week peak. For now, the main target might be on how the market responds to any modest pullbacks. Preliminary assist is located at 2968 (76.four% Fibonacci retracement), whereas the 50DMA resides at 2937. If certainly the index posts a closing break above 3000, this means a possible transfer again in the direction of report highs once more.

S&P Value Chart: Day by day Time Body (Jun 2019 – Sep 2019)

S&P 500 Daily Price Chart

DAX | Upward Stress Resumes

In latest periods the DAX continued to push increased having made a break above the 50 and 100DMAs. Subsequently, this confirms that the index appears to be like to have bottomed out at 11500 within the interim. That mentioned, with the 50% Fibonacci assist holding at 11887, eyes are actually for a take a look at of 12291. As a reminder, focus might be on the ECB within the subsequent, the place the central financial institution is anticipated to unveil a brand new spherical of stimulus measures. Nevertheless, with the markets setting the bar excessive for a dovish shock, there’s a danger of potential disappointment.

DAX Value Chart: Day by day Timeframe (Oct 18 – Aug 19)

DAX Daily Price Chart

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— Written by Justin McQueen, Market Analyst

To contact Justin, e mail him at Justin.mcqueen@ig.com

Comply with Justin on Twitter @JMcQueenFX

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