The rebound seems quite strong at the moment. I don’t think we’ll see the same pattern once again as seen on the 4h SPX chart below. I don’t know how far the rebound will go but my best estimate is that 1375-1385 could be a realistic target.

4h SPX. I don’t think we will go straight up from here since the drop was very sharp. We could also see some panic selling yesterday but I think there was not enough panic yet.

DAX first major resistance as shown on the 15min chart below. If DAX could close the day at high, the candlestick pattern would be somewhat bullish. From a 60min DAX chart, I have high odds that the low will at least be revisited (perhaps later this week).

DAX 15min chart, strong at the moment but I still expect that gap up to be closed sooner than later.

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