SPX & DAX Stable – Traders Cautious On Geopolitical Tensions

The global stock markets are quiet, but the ongoing tensions between the US, Russia, and Syria are keeping investors away from the market...


The global stock markets are quiet, but the ongoing tensions between the US, Russia, and Syria are keeping investors away from the market. Let’s take a look at the technical outlook of S&P500 and German30…

SPX – S&P500 – Ascending Triangle Pattern

You can see an ascending triangle pattern on the hourly chart. The pattern is providing solid resistance at $2,662 along with a support near $2,640.  The ascending triangle pattern typically breaks out on the upper side. If this happens, we may see SPX soaring towards $2,672 and $2,680.

S&P500 – 2 – Hour Chart

Support     Resistance

2641.37      2664.03

2634.36      2671.04

2623.03      2682.37

Key Trading Level:    2652.7

DAX – German30 – Descending Triangle Breakout

On the flipside, the DAX has broken out of the descending triangle pattern to trade at $12,350. You can also notice a 50-period EMA bullish crossover on the hourly timeframe.

German30 – Hourly Chart

Support     Resistance

12262.97    12358.43

12233.49    12387.91

12185.76    12435.64

Key Trading Level:    12310.7

You can see a descending triangle breakout on the hourly chart. Technically, the DAX needs to come down towards 12310 to complete a retracement before it continues another bullish wave. I will be looking for bullish entry near 12310. Since both of the setups are based on triangle patterns, I would highly recommend all the newbies to study FX Leaders Triangles and Wedges – Forex Trading Strategies to take profitable positions.

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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