DAX Xetra (cash index)
The DAX continues to consolidate sideways in what is an extremely tight range, as the market awaits the next catalyst for a move.
For the past five completed sessions the market has traded sideways of around 115 ticks between 12,918/13,034 and once more early this morning there is little sign of this stalemate ending.
This lack of volatility is helping to pull the Average True Range ever lower to 102 ticks which is now the lowest level since early November.
However, this continues to be a consolidation that comes within the support of the six week uptrend channel, whilst the momentum indicators remain bullishly configured and suggests that this is simply still a consolidation before the next upside break.
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