Indices · 9 September 2026
Central Banks Grip Markets as DAX, S&P Test Support Zones
European and U.S. indices face pressure from Middle East tensions and rising oil ahead of pivotal ECB and Fed decisions this week.
Ultimo Research
Markets opened the week on edge, with the DAX sliding to around 25,960 points and the S&P 500 dipping as escalating Middle East tensions and rising oil prices weighed on sentiment. On Tuesday the Dow dropped 628 points or 1.18% to 52,786, while the S&P 500 fell 0.58% to 7,674 and the Nasdaq shed 0.32% to 26,421. Friday's stronger-than-anticipated U.S. jobs report drove swap contracts to price in over 50% odds of a Fed hike this month, though analysts expect the September decision to hinge on next week's inflation data. U.S. inflation slowed to 3.4% in July from 3.5% in June, yet energy costs remain the wild card.
What the calendar says
Tomorrow at 12:15 UTC (10 September), the European Central Bank delivers its rate decision. All 65 economists surveyed expect the ECB to lift its deposit rate by a quarter-point to 2.50%, the second hike of this cycle as euro zone inflation accelerated to 3.3% in August, drifting further above the ECB's 2% target but driven largely by energy costs.
In two days, at 12:30 UTC (11 September), the Bureau of Labor Statistics releases U.S. inflation (CPI) for August. The August CPI is scheduled for release on September 11, 2026, at 8:30 A.M. Eastern Time. This print will be decisive for the FOMC meeting the following week.
Next week brings the Federal Reserve decision and projections at 18:00 UTC on 16 September, the Bank of England rate decision at 11:00 UTC on 17 September, and the Bank of Japan policy announcement on 18 September. Each has the power to reshape EUR/USD, GBP/USD, USD/JPY, gold, and crypto across BTC/USD and ETH/USD.
DAX 40: hourly chart shows consolidation above 25,800
The chart displays the DAX 40 on what appears to be an hourly timeframe covering 17 August through 7 September. The index reached its highest quote on 28 August at 26,619, visible as the spike near the left third of the chart. Price has since retreated and is consolidating in a range between roughly 25,800 and 26,200. A horizontal red line near 25,870 marks a key support zone that has been tested multiple times in recent sessions. The most recent candles sit just above this level, suggesting the market is defending short-term support. Resistance appears layered between 26,100 and 26,200, with the August high at 26,619 representing the upper boundary traders will watch.
S&P 500: hourly action between 7,650 and 7,775
The chart shows the S&P 500 on an hourly basis from 18 August to 5 September. The index peaked near 7,775 on 28 August before pulling back. Current price action sits around 7,695, well within a range bounded by support near 7,650 and resistance at 7,730–7,750. The structure shows no clear directional bias; instead, the market is compressing ahead of the data releases. A break below 7,650 would open downside toward the early-September low near 7,625, while a rally through 7,750 could retest the 7,775 high. Volume patterns and candle wicks suggest indecision, typical of a market waiting for catalyst events.
Both indices reflect a common theme: consolidation within defined ranges as participants position for central bank decisions. The technical setups offer no strong directional signal, reinforcing the importance of this week's scheduled releases. Traders holding positions in European or U.S. equity markets should monitor the economic calendar closely and review trading conditions for margin and volatility adjustments during high-impact announcements.
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