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DAX30 facing selling pressure with US Equities – 13,000 in focus again

September 07, 2020 12:00

DAX30 facing selling pressure with US Equities – 13,000 in focus again

Economic events

Source: Economic Events September 07, 2020 - Admiral Markets' Forex Calendar

The DAX30 took a serious hit last week on Thursday with the Nasdaq100 seeing its biggest drop since March this year and the S&P500 seeing its third biggest decline, after making a new All Time High, by dropping 3.5% (the other two occasions were in November 1991 with a 3.9% drop and September 1955 with a 6.6% drop).

Most likely, the slow start into the new week, which is to be expected, due to the "Labour Day" bank holiday in the US (for changed trading hours please click here) is the "calm before the storm".

After breaking above the July highs around 13,300 points everything was pointing to a direct run towards 13,800 points.

But, here is what transpired:

  • An "overdue" correction in US equities
  • This included Apple, with its market cap dropping by around 179 billion USD in only one day and, thus, more than the market cap of 491 companies in the S&P500
  • The German index followed its bigger brother and dropped back towards the region around 13,000 points.

Purely technically speaking, the mode on H1 remains bullish for the DAX30, though with a neutral tendency.

While accelerating bearish momentum shouldn't be necessarily expected on Monday, a sustainable break below 12,800 points in the days to come darkens the technical picture and makes a deeper correction likely, activating the region around 12,470/500 points as a first target.

If the bearish action on Thursday was only a "one-off", another bullish stint with a successful break above the pre-weekly highs around 13,450 points levels the path to All Time Highs around 13,800 points, though with a stop-over around 13,600 points:

DAX30 hourly chart

Source: Admiral Markets MT5 with MT5SE Add-on DAX30 CFD Hourly chart (between August 17, 2020, to September 04, 2020). Accessed: September 04, 2020, at 10:00 PM GMT

DAX30 daily chart

Source: Admiral Markets MT5 with MT5SE Add-on DAX30 CFD Daily chart (between April 08, 2019, to September 04, 2020). Accessed: September 04, 2020, at 10:00 PM GMT Please note: Past performance is not a reliable indicator of future results, or future performance.

In 2015, the value of the DAX30 CFD increased by 9.56%. In 2016, it increased by 6.87%. In 2017, it increased by 12.51%. In 2018, it fell by 18.26% and in 2019, it increased by 26.44%, meaning that in five years, it was up by 34.2%.

Check out Admiral Markets' most competitive conditions on the DAX30 CFD and start trading on the DAX30 CFD with a low 0.8 point spread offering during the main Xetra trading hours.


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