DAX futures (JUNE 2017 contract is FDXM7, continuation contract is FDXc1)
A huge gap higher has completely changed the outlook once more for the DAX.
However with volatility so elevated this is a market that will be difficult to call on a near term basis.
Technicals have been blown out of the water this morning from the risk positive outcome from the French Presidential election with the market friendly Macron the clear leader going into the second round.
There is a huge gap now open, well back at 12,085 and the initial move suggests momentum is being maintained.
There is support from old highs of the broken downtrend, but it is interesting to see today’s traded low so far at 12,071 whilst there is a supportive high at 12,068.
Daily momentum is suddenly positive, but hourly momentum is stretched and this would induce a corrective pullback.
- Support is initially at 12,298 before the day low at 12,271.
- Resistance initially at the day high of 12,374 whilst the multi year high is at 12,412.