DAX Xetra (cash index)
Once more the bulls have jumped the starting gun and have been hauled back as the DAX has ticked back lower once more this morning.
In the past few weeks the market may have been building the support around 12,600 however the bulls have been unable to find the positive traction in a move above a pivot around 12,925.
Yesterday’s failure at 12,948 dropped back to close an opening gap higher ad has put the skids on growing positive momentum again.
Subsequently the momentum indicators take on a move neutral configuration once more, with the RSI tailing off at 50 and MACD lines flattening at neutral.
The market is likely to fluctuate in front of the Fed (and then also the ECB tomorrow) and continuing in this range which is broadly between 12,600/12,925 plays part of this.
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