DAX futures (Sept 2017 contract is FDXU7, continuation contract is FDXc1)
Once more DAX futures are under pressure as the market has opened sharply lower this morning.
As the resistance of the ten week downtrend has again been too much for the bulls the market had already been falling away, but the risk aversion has driven equities lower and the DAX has now breached the reaction low at 12,013 this morning.
The interesting feature of early trading is that the old support at 12,077 has come in as resistance intraday as rallies are a chance to sell.
The concern is added to as momentum indicators are once more deteriorating with the RSI back below 40, Stochastics turning lower and the MACD lines close to crossing down.
A close below 12,013 would open the 11,926 low and this looks to be the favoured outlook once again.
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