DAX futures (JUNE 2017 contract is FDXM7, continuation contract is FDXc1)
The market is in something of a bear drift phase now as the strong gains of late March unwind back into support.
The drift has posted a lower high at 12,326 and is now at risk of another lower high at 12,297 as the opening gap lower today has put a negative skew to recent trading.
Momentum indicators are tailing off now with the RSI back under 60, the Stochastics tracking lower and the MACD lines having crossed lower.
However this still looks to be corrective within the medium to longer term bull run.
Old breakout levels continue to be seen as a basis of support an 12,130 is still holding.
The hourly chart has taken on a more corrective outlook with the hourly RSI now failing around 60 and falling towards the low 30s, whilst the MACD lines are also rolling over around neutral.
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