DAX Xetra (cash index)
An increasingly choppy outlook has formed in recent sessions, but this has come with the bulls losing their control of the market.
The last two candlesticks on the daily chart have been fascinating, with long downside shadows suggesting initial selling pressure has not lasted the distance, however the market is falling away now.
A two week uptrend has subsequently been broken and the pivot band between 12,400/12,500 has been broken as support.
Yet again the market has sold off in early moves today, breaching 12,400 as the early move to the downside has been seen.
This move has opened 12,345 as the next support but it will also be interesting to now see how the bulls treat the band 12,400/12,500 as this could now become a basis of resistance.
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