Except for a small rally in the morning to 13,650 points in the morning, the bulls did not really get a foot in the door on yesterday’s trading day after the large downward gap at the start of trading. With the start of the U.S. opening, the index continued to decline and closed the still open gap at 13,380 points in the meantime, before a stabilization set in.
This stabilization continues today, but in pre-market trading around 13,600 points, the lid has been on it for now. After yesterday’s bloodbath – also and especially on Wall Street – buyers are likely to start licking their wounds today. The bears won’t want to go out on a limb in the run-up to tomorrow’s interest rate decision by the US Federal Reserve. At 11 am sit the ZEW index and at 14:30 the U.S. producer prices to note. The preferred short-term scenario is a stabilization in the 13,350 to 13,550 point range.