DAX futures (Sept 2017 contract is FDXU7, continuation contract is FDXc1)
With yesterday’s sharp bear candle the two month top pattern has been re-affirmed.
There have now been four bear candles in a row and the market is also back below what has become a pivot at 12,487.
This pivot is the neckline of the two month top and opens pressure back on the lows around 12,300 again.
Momentum indicators are increasingly negative again, with the RSI below 50, Stochastics crossing lower again and if the MACD lines complete a bear cross this would be the confirmation that the 12,303 will come under continued pressure.
The hourly momentum is also now negatively configured for a preference of selling into strength.
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