DAX futures (JUNE 2017 contract is FDXM7, continuation contract is FDXc1)
The consolidation that is preventing a decisive push back above the near term pivot around 12,666 continues.
The bulls looked to be making the break back higher yesterday but could not sustain the move into the close.
Subsequently, the early move today remains stuck under the pivot.
This is allowing momentum indicators to continue to tail off with the MACD lines and Stochastics still falling.
The RSI holds above 55 but there is a concern that the longer that this pivot continues to hold back the bulls (now into a fifth session), the more tired they will become.
The hourly chart shows that the hourly RSI failing under 60 is a concern and the Stochastics are in decline.
- The support of the last few days at 12,582 and 12,565 are key near term to the continued pressure on the pivot.
- Failure of the support would turn the outlook more corrective again.
- Resistance is for a close above the pivot at 12,666 and intraday at 12,702.