DAX Xetra (cash index)
Consolidation that has set in for the past week continues to hold back the market from an upside break.
The last two sessions have contained higher closes but interestingly with negative candlestick patterns.
This reflects the lack of conviction currently in the market.
Momentum indicators have tailed off in their recoveries but are just into a reflection of the near term consolidation.
The early move lower today has failed to ignite the bears and the market looks to be fairly stable.
Looking on the hourly chart there is an increasingly neutral configuration, with the hourly RSI oscillating between 40/65 now, and the MACD lines hovering around neutral.
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