Last updated: May 3rd, 2017 at 09:55 pm
DAX futures (March contract is FDXH7, continuation contract is FDXc1)
The market may have rallied yesterday and opened higher today, but the near term outlook remains negative.
A sequence of lower highs over the past couple of weeks continues a corrective move that continues to find resistance under the 11,700 resistance area.
Momentum indicators remain on a near term corrective configuration and the DAX is now trading below the falling 21 day moving average.
This points towards selling into strength.
The hourly chart shows a recent downtrend and finding resistance under hourly moving averages.
The hourly RSI is failing around 55/60 consistently now and hourly MACD lines cannot get back above neutral.
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