DAX futures (Mar 2018 contract FDXH8, continuation contract is FDXc1)
A second successive strong bearish candle and negative session yesterday keeps up the premise that this is a corrective move still in progress for the DAX.
This comes as momentum indicators deteriorate with the MACD lines losing upside traction and the Stochastics on the brink of confirming a near term bear cross sell signal.
The last two sessions have seen early gains sold into and with the early gains today the bears will be looking at another potential opportunity.
However reaction around 13,200 is now interesting with this seen as a near term pivot, again coming in as a basis of support early today.
A decisive close below 13,200 would heap pressure on the downside for a corrective move back towards 13,000 once more as the volatile ranging market of the past couple of months continues to play out.
The hourly chart shows a negative configuration on momentum indicators and intraday rallies being sold into.
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