I am on annual leave today – no report.
Best of luck trading
We look strong at the moment, we have closed higher after a bounce from the previous trend channel resistance and taken out the previous week’s high. I think 11215 can still provide some resistance, but 11500 looks good as a target if we clear that.
I am watching for a entry around the daily pivot, perhaps a stop around 11025. Another option is long from S1 with stop under the 10865 low. I don’t want to suggest a shorting opportunity right now.
We saw a decent gap higher yesterday when the market opened after the long weekend and this tempted quite a few buyers to go long, including myself. We then rolled over and eventually closed out lower completing a pretty bearish looking candle. We are now gaining momentum to the downside and 9750 is under threat. When this goes, I am going to be interested in a short position.
Keep an eye on the other European and US markets as well, but there is a bearish tone to the Dax today, we have broken into the low volume area again (Volume Chart), from above, so a break below the yesterday afternoon low could be interesting, or an entry similar to yesterday (above) could also be interesting.