DAX futures (Sept 2017 contract is FDXU7, continuation contract is FDXc1)
The strength of Friday’s bull candle has been completely undermined by the opening selling pressure today.
This increases the importance of the reaction during today’ session.
It had looked on Friday as though the bulls were ready to take more of a controlling position in the market, however the close which was below the downtrend and the RSI turning back this morning from 50 leaves the market still on uncertain ground.
A “bullish” candle (close decisively above the open today) would help to mitigate the negative turn in the outlook.
The hourly chart shows a turn lower in the market which has driven corrective developments on hourly momentum but also a move back below 12,077/12,100 which has been a pivot range.