Dusseldorf The German stock market fell after the US Federal Reserve meeting. The Dax was listed at 15,764 points in the first hour of trading, a drop of 0.3 percent. The leading index is still holding up reasonably well.
The US indices were still clearly in the red shortly before the close of trading. In addition, the privately determined Chinese Caixin purchasing managers’ index for the manufacturing sector has followed its official counterpart below the expansion threshold of 50, indicating a contraction in the manufacturing sector.
In the past few trading days, the short-term resistance area between 15,700 and 15,600 points has been successfully tested several times and thus remains intact. In the opinion of Jörg Scherer, Head of Technical Analysis at HSBC Germany, this area of retreat is increasingly developing into a crucial short-term support. As long as the share barometer is above this bastion, it’s too early for a blanket “sell in May,” he says.
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