Yesterday the DAX came very close to breaking below its 200 day moving average for the first time this year. In the event that level capped the downside again. It was in place yesterday at 15,543. The low seen was set at 15,548. 69. The index later closed at 15,571.86, with a loss of 209 points on the day. The worst performer was once again the CAC 40, which lost 1.59% on the session. The FTSE handed back 0.69%, despite the BOE keeping rates on hold at 5.25%. However, after the European close, as the US markets tanked, the DAX futures took a hit and that saw the implied opening price for today drop well below 15,543, to as low as 15,460 at one stage earlier today. The index future has rebounded since then, but right now it is priced to reopen below that 200 day moving average. That is not to say it will and we shall have to wait and see on that in the next 40 minutes. As to whether it will and what it does, if that happens remains to be seen. The DAX is just now priced to reopen at around 15,520
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