DAX futures (March contract is FDXH7, continuation contract is FDXc1)
The market has held on to the support of the mid-range pivot around 11,700 following a big test on Friday, with the bulls coming back to the fore today.
This move has meant that the market has gapped up at the open today, with the full gap support at 11,735 which ideally would be filled today.
The daily technicals have been improved by this jump up at the open with RSI back above 60 and MACD lines looking to pull higher.
The fact that the US is on Presidents Day today leaves it a little uncertain over the sustainability of the opening move, however for now corrective moves into support to fill the gap should be treated as a chance to buy for a retest of the high in due course.
The hourly chart shows a positive outlook but a move above 11,846 needs to be sustained to turn the market more bullish.
- Support at 11,800 and 11,750, with the support around 11,700 strengthening.
Resistance is today’s high at 11,858 and the key high at 11,893