🔽 Stock markets deepen plunge, DE30 tests 15,000 pts
Sell-off on the global stock markets continues to intensify. Plunge triggered by mounting concerns over a massive default in the Chinese real estate market and potential spillover effects sink indices in Asia, Europe and the United States.
German DAX (DE30) trades 3% lower on the day and tests major, psychological support - 15,000 pts area. Situation does not look much better on the US market with futures pointing to a an over 1.5% bearish price gaps for every major Wall Street index (US30, US100, US500 and US2000). Taking a look at the DE30 chart, we can see that the index broke below the lows from July and trades at the lowest level since mid-May 2021. DE30 approaches the key support zone in the 15,000 pts area, marked with 200-session moving average (purple line) and a 23.6% retracement of the upward move launched in November 2020. As the index has broken below the lower limit of market geometry, technical outlook became more bearish.
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Source: xStation5
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