DAX futures (Dec 2017 contract FDXZ7 EXPIRES TODAY, Mar 2018 contract FDXH8, continuation contract is FDXc1)
DAX futures continue their retracement within a five week range as the front month December contract expires today.
The market is now forming a series of near term lower highs as intraday rallies are being sold into and the market moves correctively again within the range 12,810/13,238.
The Stochastics crossing lower again reflects the near term growing downside pressure and a downtrend that has formed this week comes in at 13,135 today.
Having found support previously to close above 13,100 yesterday’s close below 13,100 again puts the market into reverse mode.
So far today the market is holding on to 13,000 support but a breach would subsequently open the range lows again in the support band 12,810/12,900.
The hourly chart shows a band of resistance initially 13,075/13,100 which will be seen as an opportunity to sell today.
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