The DAX Futures is trading at 11,265.50 up with +0.81% percent or +90.00 point.The FTSE 100 Futures is trading at 6,997.80 up with +0.71% percent or +49.60 point. The CAC 40 Futures is trading at 4,969.00 up with +0.87% percent or +43.00 point . The EURO Stoxx 50 Futures trading at 3,153.00 up with +0.93% percent or +29.00 point.
TODAY’S FACTORS AND EVENTS
In last week’s DAX commentary, the focus was on big resistance around the neckline of the broad head-and-shoulders pattern, and how if that couldn’t be recaptured then the 2011 trend-line was likely to come back into play.
With global equity markets continuing to sag and the leading U.S. markets also failing to rebound, it looks likely the 2011 trend-line won’t hold much longer. It’s a very important line as it is effectively the last line of major support until lows seen in 2016 in the 9300/8700-area.
Trading down to those levels won’t happen in a straight line, though. On a break of trend-line support and last month’s low at 11050 there is good support down around 10800. The area surrounding this level, give or take 50 points, was created during a consolidation during 2016. It could be enough to put a bounce in, but not viewed as enough to cement a floor.
PREVIOUS DAY ACTIVITY
For the day the Dow is trading at 24,285.95 with a loss of -0.73% percent or -178.74 point. The S&P 500 is trading at 2,632.56 with a loss of -0.66% percent or -17.37 point. The Nasdaq Composite is trading at 6,938.98 with a loss of -0.48% percent or -33.27 point.
In other parts of world, Japan’s Nikkei 225 is trading at 21,812.00 up with +0.76% percent or+165.45 point. Hong Kong’s Hang Seng is trading at 26,339.44 up with +1.59% percent or +411.76 point. China’s Shanghai Composite is trading at 2,575.81 with a loss of -0.14% percent or -3.67 point. India’s BSE Sensex is trading at 35,065.93 up with +0.24% percent or +84.91 point at 12:15 PM.