DAX futures (Dec 2017 contract is FDXZ7, continuation contract is FDXc1)
Consolidation on the DAX continues to drag the market towards the support of the six week uptrend.
It is interesting to see that the daily chart shows a series of negative candlesticks as the market has moved sideways.
This suggests that there is a slight bear bias within the trading sessions and that with the trend fast approaching the bulls need to be careful to prevent the rally rolling over.
However, the reaction to the initial selling pressure yesterday was positive and the bulls returned at 12,899 to once more close above the old all-time high of 12,935.
This return came to maintain the six month uptrend (today coming in at 12,900) but this also means that the bulls need to get back in control fairly quickly otherwise the uptrend will begin to break.
Momentum indicators also remain positively configured although they have slowed slightly and this also needs to be watched.
The hourly chart shows the hourly MACD lines back to neutral and the hourly RSI back to hit a low around 40, both these levels need to hold on a consistent basis to prevent the sellers gaining traction.
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