DAX futures (Dec 2017 contract is FDXZ7, continuation contract is FDXc1)
The reaction of the market yesterday shows that there is now a decisive correction underway.
It had looked as though support had been forming but the bulls subsequently used that support as a chance to sell.
This selling pressure has continued today and intraday rallies now need to be seen as an opportunity to once more sell.
Momentum indicators are decisively corrective now with the RSI falling to 40, MACD lines accelerating and Stochastics increasingly negative configured.
There is also further downside potential in the moves of the momentum indicators.
It is also noticeable that the hourly RSI is failing at 40/50 now with the hourly MACD lines negatively configured under neutral.
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