Last updated: May 3rd, 2017 at 09:55 pm
DAX futures (JUNE 2017 contract is FDXM7, continuation contract is FDXc1)
The near term bulls are fighting back but more still needs to be done to drive a test of the highs again.
Although the chart shows two bull candles in the past couple of sessions, there was still a down day on Friday and the bulls need to push back above 12,326 resistance to end the corrective near term outlook.
However, the old breakout support at 12,130 has held and there is a sense that the bulls have been waiting for an opportunity to regain control.
Momentum indicators are settling down again with the daily RSI around 60 and the Stochastics threatening to turn up again.
The early gains today have just been pared back slightly and could drag the market back again.
The hourly chart shows the conflicting signals, with a broken five day downtrend however momentum indicators are just tailing off again as the early gains just stall.
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