Quarterly Outlook
Macro outlook: Trump 2.0: Can the US have its cake and eat it, too?
John J. Hardy
Global Head of Trader Strategy
Technical Analyst, Saxo Bank Group
GER40 cfd/future broke the strong support at around 14,830 with a bang yesterday after the release of PPI numbers dropping more than 5% bouncing within few points from the 1.382 projection of the Q4 2021 peaks.
Downtrend on weekly time period now seems to be confirmed despite a bounce this morning further sell off should be expected. However, if the week closes above 14,830 the strong bear scenario is on hold.
If the selling pressure continues, there is not strong support before 13,390 with minor support around 14,085.
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