Sell-off on the global stock markets continues to intensify. Plunge triggered by mounting concerns over a massive default in the Chinese real estate market and potential spillover effects sink indices in Asia, Europe and the United States.
German DAX (DE30) trades 3% lower on the day and tests major, psychological support - 15,000 pts area. Situation does not look much better on the US market with futures pointing to a an over 1.5% bearish price gaps for every major Wall Street index (US30, US100, US500 and US2000). Taking a look at the DE30 chart, we can see that the index broke below the lows from July and trades at the lowest level since mid-May 2021. DE30 approaches the key support zone in the 15,000 pts area, marked with 200-session moving average (purple line) and a 23.6% retracement of the upward move launched in November 2020. As the index has broken below the lower limit of market geometry, technical outlook became more bearish.
Source: xStation5
Daily Summary – Wall Street Rises Ahead of “Magnificent Seven” Earnings
US OPEN: Quarterly Earnings Support U.S. Stock Gains
DE40: DAX near 1-week high 📈Deutsche Borse lags, SUSS MicroTec slides 23%
BREAKING: US housing market data stronger than expected 🗽US100 gains
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
