🔻 DE30 sharply down at the open

7:39 AM September 21, 2020

🩸 Europe deep in the red at the beginning of Monday trading. Is this the beginning of a deeper correction?

DE30 is already down 2% at the beginning of Monday trading in what could be the first step towards a deeper correction. European markets generally ignored Wall Street volatility in the first half of the month but US100 broke the key 10930 points support on Friday and together with surging COVID cases across the Old Continent this caused investors to give up on DE30 as well.

One should observe that DE30 broke out of the tightening triangle formation sending a bearish signal. The first key support is just below 12200 points. Looking ahead we have the first of 3 speeches from Jerome Powell today (3pm BST) but will it mean anything to investors after they ignored very dovish Fed last week?

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