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DAX futures (JUNE 2017 contract is FDXM7, continuation contract is FDXc1)
The bulls remain in control today refusing to give back any of yesterday’s huge gains that moved the market into new all time highs.
The day after a big run higher is always interesting to see how traders react and so far the signs are positive.
Further gains are being posted, albeit only marginal gains at present.
However the market pushing back above yesterday’s high suggests continued strength.
This is reflected in strong momentum indicators with the Stochastics rising strongly and MACD lines just crossing higher.
However there is likely to be some sort of intraday dip at some stage and that will be when we see how strong the bulls really are.
- Support initially comes in with today’s open at 12,450 whilst the old April 2015 high at 12,430 is supportive, as is the previous April high at 12,411.
These levels need to hold for the bulls to sustain the momentum near term.
- Resistance is today’s high at 12,518.
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