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DAX: Are the bears back in town?

The increased optimism seen since the beginning of the year in equities was shaken on Monday following reports that the Spanish PM might be involved in corruptive activities. Indices around the continent fell with the DAX closing the day about 180 points down. At 7.647 at the time of writing, the bulls are trying to take the upper hand, but it looks like we will see some consolidation here before a major movement comes. Yesterday’s big fall puts the near term support area seen around 7540 in focus. A break below that area would open the way for the next key support area at 7390. In the alternative scenario, we would need to see a break above the previous high at 7822 in order for the bullish trend to be re-established. Onto the main topics of today, the focus will be on EU Retail Sales during European hours. Later today, eyes will be on the US ISM Non-Mfg Index.

Dafni Serdari
Market Analyst
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