DAX futures (Sept 2017 contract is FDXU7, continuation contract is FDXc1)
Another failure around the old key support further questions how strong the bulls are.
Yesterday’s bear candle has undone some of the bull move of Friday but the retreat once more from the resistance suggests that the strategy remains to sell into strength.
There is still room to unwind within a downtrend that links back to the June high, but the overhead supply in the 12,303/12,381 range of old lows remains a sell-zone.
The momentum indicators have picked up in recent days but the bulls need traction in the momentum and that is struggling.
Despite this though there is still a mildly improving outlook across the hourly chart as this range has formed.
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