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DAX bulls continue to use corrections as a chance to buy

DAX futures (Dec 2017 contract is FDXZ7, continuation contract is FDXc1)

Despite a consolidation on the DAX yesterday and the prospect of Non-farm Payrolls today, DAX futures have again pushed higher today.

  • The bulls are subsequently pushing above the all-time highs again of 13,486 above 13,500.

This seems to be an affirmation of the strength of the bull control now, as if there were to be any sense of technical profit-taking it would likely have come as an extension of yesterday’s consolidation.

Nothing of the sort though and the bulls remain well positioned for further upside.

The daily momentum indicators are strongly configured still on not only the daily chart but also the hourly chart, with the hourly RSI and MACD lines turning up from positive configuration unwinding points (i.e. around 60 on RSI and above neutral on the MACD lines).

  • The market has subsequently left support at 13,400 and near term corrections remain a chance to buy.

The potential for a payrolls related volatility dip remains, but the strength of the technical suggests that it would be another opportunity for the bulls.

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