DAX Xetra (cash index)
The DAX is coming under increasing pressure as market sentiment has turned ever more negative in recent sessions.
Yesterday’s opening gap lower was bearishly filled and once more we see the DAX gapping lower again today.
Concern increases with the fact that the market has now broken below the recovery uptrend channel but also below the 23.6% Fibonacci retracement of the big sell-off at 12,379.
Daily momentum indicators are now deteriorating with the Stochastics bear cross and RSI back below 40 notable.
The hourly chart shows negative configuration now growing with the hourly RSI which had previously tempted the bulls back in around 40, now breaking into the mid-30s.
Hourly MACD lines are also turning negative.
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