Last updated: May 3rd, 2017 at 09:55 pm
DAX futures (JUNE 2017 contract is FDXM7, continuation contract is FDXc1)
The outlook has taken a decisive turn for the worse in the past 24 hours.
The market broke below the near term support at 11,950 yesterday to break (another) uptrend which dates back to early February, whilst also set to complete a small three week top pattern.
With the market down again today, a close below 11,950 would imply around 180 ticks of additional downside.
Looking at the daily momentum there has been a decisive shift in sentiment, with the RSI below 50 and also currently at a three month low, whilst the Stochastics are now corrective too.
The daily chart also shows the support of the old January high at 11,920 is being breached today and a close below here would confirm the corrective move, by then opening the next old breakout at 11,707.
The hourly chart shows momentum is increasingly deteriorating and rallies are likely to now be seen as a chance to sell.
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