Last updated: September 4th, 2017 at 10:12 am
DAX futures (Sept 2017 contract is FDXU7, continuation contract is FDXc1)
The market is once more retreating back to the 12,487 key neckline and this will be a key moment to see if the bulls have any key hold on the outlook.
Having broken higher through 12,487 last week there was a recovery outlook forming, but failing under 12,730 to form another lower high at 12,672 will be concerning for the bulls.
Momentum indicators are already questionable, with the RSI falling back below 50, the rebound in the MACD lines tailing off as with the Stochastics.
Three negative candles in the past three completed sessions also add to the increasing pressure, whilst early decline today is also a concern.
The hourly chart shows a small top pattern formed below 12,567 implying 105 ticks lower to 12,462 whilst momentum indicators are increasingly correctively configured to sell into strength.
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