Current Bias: Currently correcting from record highs, at key support
Support: 9632, 9600, 9570, 9542, 9500
Resistance: 9680, 9700, 9725, 9762, 9800
Talking points: Correction or reversal? Oil prices. FOMC. 9500-9600.[wp_ad_camp_3]
Dax Summary Video
Sellers market today, we have taken out the daily S2 at 9365 today and found support further down around the 9300 handle. The early evening slowdown has allowed a pullback to 9400 and now we are hovering around the S2 again.
There can be no arguments that we are bearish right now and the bulls have been much quieter on the various social media sites, perhaps because they have been caught out and are reluctant to release their positions which are gradually getting worse, or more likely, because they are plotting their next attack, when the selling slows down.
I am personally trading intra-day and waiting to see a volume spike acting as stopping volume.
Dax Market Commentary
There is quite a bit of volatility in the equity futures markets at the moment and the strategy right now should be to keep light on our feet and be prepared to change our bias if necessary.
After a heavy sell off last week, it’s only normal to see a pullback settle before any clear trend develops.
We currently look bearish on the H1 and we are making lower lows and lower highs. The trend defining level currently resides at 9680. If we trade under this, we will continue to be bearish. Intra-day however we look bullish, with the 9600 level being the area to break to go down and test last week’s low.
We seem to be ranging at the moment so I am wary of being chopped about a bit. I am looking to place orders to trade a breakout, so I will watch which way we go.
Other markets I am watching: Oil, EURGBP, EURCHF,[wp_ad_camp_1]