Index futures, especially European indices, are trading strong today as newswires are reporting about the US/China trade talks progressing well.
What traded weak yesterday is trading strong today.
DAX traded down to the huge 11 000 support in early action today. The support held, and we have seen the DAX go one way only since then, higher. The index is getting increasingly “trapped” between the support at 11k and the longer-term negative trend. Watch coming days closely.
Eurostoxx 50 is also trading in a squeezed fashion today. We took out the 3200 level very easily. Recent highs at 3225 is key. Note the negative trend right around these levels. 200 day is at the 3300 level. Looks like the main European indices are at make or break levels.
Source, charts by Bloomberg
