Quarterly Outlook
Macro Outlook: The US rate cut cycle has begun
Peter Garnry
Chief Investment Strategist
Technical Analyst, Saxo Bank
DAX opened below support at around 14,933 and seems on course towards March lows around 14,458
If closing Friday and thereby the week above 15K a minor correction higher could be seen. But the trend is down and for DAX to reverse that a close above 15,575 is needed.
DAX has no strong support until around 14,458-14,400
GER40 sees no support until at around 14,764 but could very likely be sold off down to March trough at around 14,457.
To reverse the down trend a close above 15,574. A close above 15,305 will put it on pause
EuroStoxx50 is testing support at around 4,034 but could quite likely move lower to support at around 3,986
Bearish trend is strong and medium-term EuroStoxx50 could drop even lower.
A close below 3,980 could push the Index to around 3,800
To reverse the bearish trend a close above 4,235 is needed.