DAX Xetra (cash index)
An intraday rebound yesterday curbed the selling pressure and early gains today have helped to settle the nerves for the bulls, however the market is taking on an increasingly mixed outlook now.
Previously there has been a pivot around 12,600 and this has been a useful gauge for near term sentiment.
Today’s early rally has pulled the market back towards this pivot once more and will be watched once more.
However, moving averages have all plateaued and look very neutrally configured, as does the RSI flat around 50 and MACD lines flattening around neutral.
This comes within the choppy trading around the 12,600 pivot in the past two weeks and an increasing lack of decisive trend.
The hourly chart shows a market in near term range phase with the RSI fluctuating between 30/70 whilst a bull cross buy signal on the MACD lines suggests an improving outlook near term (certainly potentially added to on a close above 12,600 today).
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