DAX Xetra (cash index)
The largest negative session on the DAX since 23rd March has now seriously questioned the longevity of the seven week bull run.
An intraday breach of the uptrend channel has continued today and the bulls will need to fight to prevent the market now turning corrective again.
Already the RSI has broken an 8 week uptrend, whilst the MACD lines are today completing a bear cross for the first time since late January (when the market began the last huge bear run).
Furthermore, Stochastics are on the brink of giving a sell signal too.
However hourly momentum configuration has certainly lost its bull impetus and continued failure to reclaim a pivot around 13,034/13,050 will increase the building pressure.
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