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DAX sharply higher with the bulls still in control


DAX futures (Dec 2017 contract is FDXZ7, continuation contract is FDXc1)

 

Having broken sharply to new high ground in the wake of the ECB decision the DAX bulls retain full control.

The sharp opening gap higher today has come as the market has played catch up from being closed for Reformation Day yesterday.

  • This has though left a gap open at 13,250 which needs to be filled.

However the move higher has been so strong that the bulls will be looking at the impact on the momentum indicators which have turned bullish again and this will bolster confidence for further gains.

The MACD lines crossing back higher and Stochastics rising in bullish configuration in the least show that any move to fill a gap will be seen as a chance to buy.

  • There is good near term support now at 13,250.
  • In terms of upside targets and resistance, the market is into blue sky, with today’s intraday high at 13,369 and then arguably round number levels of 13,400 and 13,500 (although the latter two are somewhat spurious).

 


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