DAX 30: TECHNICAL ANALYSIS

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China spooked markets quite a bit over the summer and now we see it again, pointing to weakness in the Chinese manufacturing sector.
Asian markets sold off as investigations into two major Chinese brokerages and a drop in Chinese industrial profits sent the Shanghai Composite Index down 5.5%. Hong Kong's Hang Seng Index lost 1.8%, while Japan's Nikkei Stock Average fell 0.3%.
Still, the reaction in markets outside China was relatively modest, particularly compared with some of the massive stock swings seen in August as Chinese shares tumbled.
Analysts said the weakness is China's economy is now well known, while the crackdown on brokerages has few direct implications for stocks in Europe and the U.S.
This week has seen sharp swings for European bourses. A selloff sparked by mounting geopolitical tensions gave way to gains as investors looked forward to further easing of monetary policy from the European Central Bank at its meeting on December 3.
Meanwhile, the Federal Reserve's plans for interest rates continue to steer markets. "While the run-up to the Fed's interest rate-setting meeting in mid-December could see more volatility in share markets, it's starting to look like investors are becoming less worried about it and that a Fed hike will actually be a vote of confidence in the U.S. economy.
Next week, investors could get more clues as to the Fed's plans, with the release of the monthly payrolls report and congressional testimony from Chairwoman Janet Yellen.
But especially next week, it will be crucial intervention of President Mario Draghi: "It will still be enough his rhetoric, or will use an iron fist? ...wait and see.....

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