DAX Xetra (cash index)
Equity markets have slipped back in recent days, but is interesting to see the slippage has been relatively contained on the DAX.
In fact, considering the gains of the last few weeks, the negative candles that have been posted are still just a small unwind.
The near term outlook though will be determined by how the market reacts to the breakout support at 12,460.
A failure to break decisively through resistance at 12,600 from the late February high would have been a blow for the bulls.
For now though this is simply a consolidation, with a run of slight unwind, reflected in the very small candlestick bodies.
Today’s early move lower needs to be contained quickly by the bulls, as the hourly RSI is at 3 week lows, but the hourly MACD lines are still above neutral (just).
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