DAX Xetra (cash index)
An early slip on the DAX has pulled below 13,000 once more as the bulls show initial signs of stuttering in the run higher, but does it change the outlook?
For now this is nothing more than an initial consolidation and corrections remain a chance to buy within the five week uptrend channel.
Momentum indicators on the daily chart remain strongly configured with the continued confirmation of the multi-week uptrend.
However, the Stochastics need to be watched as an earlier outlier in their threat to cross lower, which could be an early warning signal.
The hourly chart shows that there is a slight slip on momentum that needs to be supported soon, as the run of higher lows is still intact for now but a break below 12,928 would be a threat to the strength of the bulls now.
Holding above 45/50 on the hourly RSI and above neutral on the hourly MACD lines would be important too.
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