DAX Xetra (cash index)
The outlook for the DAX has increasingly lacked conviction in recent weeks.
This has resulted in the recovery uptrend channel being broken by a decisive slide last week, but the sellers have so far failed to really grasp control of the market.
Subsequently the market is now fluctuating around the old 12,600 pivot, whilst the moving averages have converged together (within 40 ticks of each other in a broadly neutral configuration now.
There is an argument to say that there is a marginal negative bias in the way the techncials are forming, with the Stochastics in decline and the MACD lines just crossing back lower, but there is very little that is decisive about the chart right now.
This marginal negative bias is also reflected on the hourly chart momentum indicators, trading under all the moving averages which are rolling over.
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