Yesterday the DAX rebounded from an earlier session low at 18,347. The recovery saw it lift very close to the 18,500 mark, but in the event that level capped the rise into the close. The DAX later closed 80 points lower, at 18,437. The earlier session high, before the fall to 18,347 was set at 18,532. It has just now reopened close to the 18,500 mark again. The ECB policy decision later today is very much front and centre in terms of any reaction we might see on the DAX today. The chance of another cut today would seem remote, but if seen it could deliver a shot in the arm for the German benchmark. Right now the lines of immediate demarcation would appear to reside around the low and the high seen yesterday (18,347-18,532). The DAX is just now trading at 18,485