DAX futures (Sept 2017 contract is FDXU7, continuation contract is FDXc1)
The near term range between 12,303/12,487 continues despite the early gains today.
Will this latest rebound drive an upside break?
The technical studies continue to point towards selling into strength and using this as another opportunity.
Whilst the RSI remains stuck below 50, the MACD lines continue to fall and the Stochastics remain stuck in negative configuration, this remains the case.
The resistance of the neckline of the two month top at 12,487 held firm throughout last week and the early gap higher has so far not made any inroads into breaking this resistance again.
The hourly chart shows a push higher within this range of around 185 ticks and it will be interesting to see if the market closes back below the mid-range pivot of 12,400 this would put more of a negative slant on the recent move again.
Hourly RSI, MACD lines and Stochastics are also beginning to tail off again.