DAX futures (Sept 2017 contract is FDXU7, continuation contract is FDXc1)
It is interesting to see that once more the DAX has dropped back below the pivot at 12,487.
This is adding pressure once more on the uptrend that has been in place since February, which currently comes in around 12,375.
There have n ow been six negative candlesticks in a row and this reflects the fact that the bears have been consistently winning the intraday battles.
It all means that momentum indicators remain under pressure and at risk of breaking the uptrend.
- Yesterday’s session high of 12,567 came at a point that has become consistent resistance in the past week (shown well on the hourly chart) and is an increasingly important level near term.
- All this also comes blow the resistance at 12,672.
A failure to reclaim 12,487 will increase the pressure that is mounting on this week’s low at 12,373.
- The hourly chart shows an old mid-range pivot around 12,400 is a gauge of support that is protecting 12,303.