DAX futures (Sept 2017 contract is FDXU7, continuation contract is FDXc1)
The DAX has jumped again this morning but is this any more than a rebound to sell once more?
Given the strength of the bearish candle that closed well below the old support at 12,077 yesterday the recovery this morning looks to be somewhat of a surprise.
However whilst the nine week downtrend is intact there is little suggestion that the bulls can hang on to the recoveries.
Daily momentum indicators remain negatively configured with the RSI below 50 and MACD lines still stuck well below neutral.
Selling into strength remains the strategy.
Ultimately, the bulls will continue to struggle whilst the 12,300/12,340 resistance remains intact.
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