The index took advantage of the holiday-related absence of American market participants for a rise above the resistance area 13,200 to 13,250 points mentioned yesterday. Today, the index then starts trading with an upward price gap and recaptures the 13,400 mark.
American market participants will not start the new trading week until this afternoon, so it will not be clear until the early evening or in after-hours trading what the recent recovery is worth after the sharp sell-off in the previous week. Nevertheless, the path of least resistance after yesterday is first upward in the short term to the 13,600 to 13,800 point range. After the sharp sell-off in the previous week, this would not be an unusual move. So far, however, this recovery merely bears the character of a technical correction in the overriding bear market. At the latest in the area of 13,700 to 13,800 points, we would have to reckon with technically conditioned selling interest, which could initiate a new selling wave.