The DAX Futures is trading at 12,738.50 up with +0.50% percent or +63.50 point .The FTSE 100 Futures is trading at 7,598.00 up with +0.82% percent or +62.00 point. The CAC 40 Futures is trading at 5,390.63 with a loss of -1.10% percent or -59.84 point . The EURO Stoxx 50 Futures is trading at 3,447.00 up with +0.58% percent or +20.00 point.
TODAY’S FACTORS AND EVENTS
It was just three trading sessions ago that the DAX was on the verge of trying to climb to its best levels since early February. However, it failed to do so after nearing the May peak and making an intra-day breach past the trend-line running off the record high.
The three-day skid took out of all the choppy price action leading up to it now has significant support around the 12600/550-area in play. It’s an important area to hold given the amount of attention it’s received since February. First it was a spot of resistance, then recently it became support.
If the market is headed for a range-bound environment, at the least, then this is the spot for ‘would-be’ longs to look to enter, as the backstop for positions is just below. However, a break would be somewhat significant and turn a solid area of support into a new form of resistance, giving shorts the upper hand.
For the day the Dow is trading at 24,700.21 with a loss of -1.15% percent or -287.26 point. The S&P 500 is trading at 2,762.59 with a loss of -0.40% percent or -11.16 point. The Nasdaq Composite is trading at 7,725.58 with a loss of -0.28% percent or -21.44 point.
In other parts of world, Japan’s Nikkei 225 is trading at 22,555.43 up with +1.24% percent or +276.95 point. Hong Kong’s Hang Seng is trading at 29,718.61 up with +0.85% percent or +250.46 point. China’s Shanghai Composite is trading at 2,915.73 up with +0.27% percent or +7.91 point. India’s BSE Sensex is trading at +35,522.94 up with 0.67% percent or +236.20 point at 12:15 PM.