Welcome to Extreme Investor Network, where we provide valuable insights and unique information on the stock market, trading, and Wall Street trends. Today, let’s dive into the latest developments in the market.
In the recent trading session, we saw BMW, Porsche, Mercedes Benz Group, and Volkswagen experiencing declines in their stock prices. BMW and Porsche declined by 1.71% and 1.64% respectively, while Mercedes Benz Group and Volkswagen fell by 1.57% and 0.63% respectively.
Turning our attention to upcoming events, private sector PMI numbers for May in Germany and the Eurozone are on the radar for investors on Thursday, May 23. Economists are forecasting an increase in the German Manufacturing PMI and Services PMI, as well as the Eurozone Manufacturing and Services PMI. These numbers could impact investor bets on post-June ECB rate hikes, especially if they exceed expectations.
Additionally, US jobless claims and Services PMI numbers are also crucial for market participants. Any improvements in the US labor market conditions and service sector activity could spark speculation about a Fed rate hike.
Looking at the near-term outlook for the DAX, it will depend on the private sector PMI numbers, central bank commentary, and US economic indicators. A breakout above key resistance levels could lead to bullish momentum, while a drop below certain levels could invite bearish pressure.
On the technical side, the DAX is currently above the 50-day and 200-day EMAs, signaling a bullish stance. Keep an eye on the 18,750 handle for a potential breakout towards the all-time high. Pay attention to the RSI levels for signs of potential overbought conditions.
Stay tuned to Extreme Investor Network for more updates on the stock market trends and trading opportunities. Happy investing!