The S&P 500 trades 0.07% higher in premarket trading. German stocks start the week on a positive footing. The DAX rose 1% on the open and then saw some profit taking. Resistance at 10800 remains intact, only if this level is breached do we expect a further sustained up move. Largest gaining stock in the DAX was Commerzbank at +6.24%. On the negative side, RWE drops 3.45%, after weaker quarterly numbers disappointed analysts. Various banks and brokers downgraded the stock. The Dow Jones index has reached a new all-time high. Broader indices such as the S&P and Nasdaq though, have not breached their all-time highs. Only after a break of these levels do we see a further up move. Currently sector and stock rotation dominates events. The USD trends higher, whilst Gold and WTI Oil lose.
The S&P 500 is in a sideways trend
The Nasdaq 100 is in a sideways trend
RoboForex Analytical Department
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