Current Bias: Downtrend halted by big volume day @ 50% fib line
Support: 9421, 9405, 9362, 9345, 9236, 9176
Resistance: 9500, 9542, 9572, 9595, 9680, 9762
Talking points: “considerable time”, FOMC, Oil, Russia, Dax Volatility, Year end profit taking[wp_ad_camp_3]
Dax Market Commentary
We saw a pullback from the recent selloff yesterday and there was a large volume day not dissimilar to the 16/10. It will be interesting to watch whether the slide continues or whether we are seeing a bottom to this move. The 50% fib level was touched and rejected and now all eyes are on FOMC.
I can’t imagine that there will be anything untoward released in today’s meeting, but investors are expecting the relaxation of wording regarding monetary policy and a hint that interest rate changes may be brought forward.
There are lots of different opinions on the trading floor at the moment, strong opinions for selling to reach 8100…. and also opinions that the FOMC will bring big buying opportunities. My opinion is neutral/bearish and I feel that we are heading down, but there is still room to the upside in the short term.
Favourite trading strategy at the moment: Fractals