DAX futures (Sept 2017 contract is FDXU7, continuation contract is FDXc1)
A huge downside break has put the bears firmly in control now.
The support of the June low at 12,303 was blown out of the water by Friday’s sharp bear candle to take the DAX futures to a new 13 week low.
It also continues the corrective move lower in the wake of the two month top pattern that implies a target of 12,030.
The move has broken the uptrend since February and the concern is that momentum indicators are increasingly negatively configured.
The MACD lines crossing lower below neutral is a worrying medium term development for the bulls, whilst the RSI is pushing back towards 30 and the Stochastics are also in decline.
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