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DAX set for a slightly higher opening today

Most of the European stock markets were closed yesterday for the May Day holiday. That included the DAX, but the DAX futures were up and running and at one point they priced a reopening for today above 18k, as the US stocks surged yesterday evening. However, the noted slide there in the final hour of trading sent the DAX futures down to session lows, not much above 17,800. The index last closed on Tuesday at 17,932. It will reopen this morning and right now that opening is set to be modestly higher. The 50 day moving average capped the downside on Tuesday and it is potentially back in play this morning. That was in place as of the close on Tuesday at 17,905 and could be a supporting level again today. The DAX is currently priced to reopen at around 17,955

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