Dow Continues to Plunge, Tests Another Significant Support

As the virus outbreak is reaching pandemic levels, traders are running from equities, and main benchmarks have experienced the worst week since the financial crisis in 2008 as nearly all of the indices are down circa 15% on the week.

The DAX index is now trading nearly 3% lower on Friday and is at levels last seen in August 2019.

It looks like the index will break below another significant support near 11,830 EUR without any problems as it is happening right now. The next target for bears could be at around 11,400 EUR, where August lows are located.

This is a bidless market as no one is buying, and everyone is selling - a total panicky mode. Many asset managers are already calling this the worst event of their lives, and it certainly looks that way as indices are down 15% in one week. What is worse is the fact that the situation is worsening daily - it seems that in China, it's getting slowly under control, but for the rest of the world, the battle is just beginning. 


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