DAX futures (Sept 2017 contract is FDXU7, continuation contract is FDXc1)
Will the early bounce today turn out to be another chance to sell?
In the last couple of weeks the market has been tracking lower.
Thursday’s huge bearish engulfing candle still dominates the near term negative outlook with the market continuing to trade below the old key support at 12,487.
With Friday’s confirmation bear candle lower, this suggests that whilst today’s early bounce is encouraging, the move is unlikely to change the outlook.
Momentum indicators are correctively configured and add to the assertion that a technical rally will be seen as the next opportunity to sell.