Good morning traders!
Big move this morning as we dropped another 200 points and have temporarily bottomed out at around 9725 offering a possible retracement trade. I would imagine that trading conditions could have chopped a few trader up over the last few days, especially those short term trading. At times like these it can pay to respect the overall trend a look for opportunities to get in and follow it.
The wider trend is bearish below 10165 and we could reach 9560. A break above 10165 and we can see some chopiness until we break through 10400. Intra day we are bearish below 9950 but have already dropped 200 points today, once the current early morning retracement completes, we can continue to move lower to test the daily low.
Dax Support & Resistance
|200 Day SMA||10619|
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