DAX steps back from new record at 20,461

The European stock markets have come off the boil now. Earlier, as reported the comments from China helped to deliver an across the board higher opening for the major European markets and that resulted in a new record opening for the DAX, at 20,461. The index subsequently peaked at that level and has now dropped back towards where it closed on Friday, at 20,384. In fact, it has now fallen below that close. The risk of an outside reversal will become live, if the index does close below 20,384 later today. However, it is simply too early to begin to conclude on that prospect. The DAX is just now trading at 20,378