DAX futures (March contract is FDXH7, continuation contract is FDXc1)
The comments from Trump over a “phenomenal” tax plan have improved market risk appetite and sent equities stronger again.
This seems to have changed the near term outlook for the DAX again.
I am on the brink of having to turn positive now.
I see the band 11,600/11,700 as a sort of neutral zone but a break to the upside has been seen today.
This break needs to be held on a consistent basis (preferably with a closing break) but the outlook is now improving.
Daily technical are beginning to tick higher (especially the Stochastics).
The hourly chart has also improved significantly, helped by a gap higher at the open today.
This gap remains open (and ideally needs to be filled) at 11,640 but the outlook on the hourly indicators is now more positively configured and at the least the selling pressure is over now.
- Look for the support to be built now around 11,650 and a push out above 11,725/11,735 would open the upside towards 11,800.