DAX futures (Sept 2017 contract is FDXU7, continuation contract is FDXc1)
For a second successive day DAX futures have jumped at the open and now a key level of resistance is being tested.
The 10 week downtrend remains a significant barrier to gains, falling at 12,180 today but it is notable that rallies are continually seen as a chance to sell.
Momentum indicators on the daily chart remain negatively configured to reflect this.
This means that the bounce of the past couple of days will still be viewed in the same light unless a key and decisive shift in sentiment is seen.
The daily candle is subsequently back around the traded lows for the session and a failure to close back above 12,077 will be seen as a negative signal.
It is interesting to see the hourly chart momentum indicators back at levels at which the sellers will also be considering resuming, with the hourly RSI up at 60 and MACD lines unwound to neutral.
This could turn out to be a good opportunity to sell under 12,100.