Hi there traders this is Steve Miley for forextraders.com and we’re going to take our usual Friday look at the equity markets today focusing in on the DAX. The DAX being the German index in here – the German equity stock index.
So we’ll look at the DAX FUTURE in here – the market has had a slight rebound in here over the last 24/36 hours as the market has taken some of the risk-off scenario – some of the concerns from the global GI politics have eased slightly over the last 36 hours in here.
However the slide lower in here that we saw earlier this week: concerns over the Trump impeachment; concerns around trade; concerns around Middle-East tensions, sending the market down through this important up-trend line that comes all the way here from the middle of August and also down through this important impulse point of 12162. And all of that was enough to signal a topping pattern in here and a shift from an intermediate term bullish theme to an intermediate term bearish theme.
On the short term basis the market has had this rebound, but you can see the rebound starting to fade from below this important 12396 level setting back in here over night from below 12329.5 and we’re looking now for a potential roll back lower going into today down to 12205.5, maybe as deep as 12127.
Only above 12329.5 would signal a more positive tone and really for a far more significant positive tone we’re going to need a break above 12396.
But our bias going into today is for risk-off to return, looking for negative pressures to come back through and for the DAX to roll back to the downside.
This has been Steve Miley for forextraders.com.
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