DAX 30 September bottomed exactly at the lower end of the range at 15440/433 and shot higher to strong resistance at 15580/600. Shorts however stopped above 15630 for the next target of 15690/700.
Euro Stoxx 50 September topped exactly at first resistance at 4070/90.
FTSE 100 September just held minor support at 7030/20 for a bounce to first resistance at 7040/50 but shorts were stopped above 7070.
Today’s Analysis
DAX showed strong resistance at last week’s high of 15720/740. A break higher can target the June high at 15800/805. Obviously a break above here is a medium term buy signal.
Holding strong resistance at 15720/740 targets first support at 15620/600. A break below 15580 is a sell signal targeting 15530/510 and the lower end of the range at 15440/433. A break below 15440 can take prices as far as 15340/330. Support at last week’s low of 15275/255.
EuroStoxx September shorts at first resistance at 4070/90 target 4055/50, then the June low at 4025/15. I do not see this as strong support, so a break lower is likely, targeting 3990/3985. A break below 3980 can target 3940/35.
Gains are likely to be limited with first resistance at 4070/90. Bulls need a break above 4100 to be back in control.
FTSE September was seeing strong resistance at 7090/7100. Holding here targets 7045/35 then 7010/00. A break lower today targets 6995/85 then 6945/35.
Strong resistance at 7090/7100. Above 7110 look for 7145/55.
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