DAX Xetra (cash index)
A degree of calm has taken over the DAX in recent sessions as the recovery has tailed off again around the key medium term pivot at 12,600.
This level remains a significant gauge for the outlook on the DAX amid rather neutral looking moving averages and neutral momentum configuration.
The 55 and 89 day moving averages are all but flat suggesting neutral medium term configuration, whilst the RSI and MACD lines are plateauing as they drift higher towards neutral.
Yesterday’s session was mildly positive but again has backed away from the 12,600 neckline (with an intraday high of 12,604) before the market has slipped back a touch again today.
Near term the market is trading in a 200 tick range between 12,400/12,600 and looking on the hourly chart, the RSI is 35/65 (and just dripping back again today) whilst the hourly Stochastics and MACD lines are rolling over too.
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