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DAX holding up well but the bulls still have a lot to do
DAX Xetra (cash index)
Given the negativity in market sentiment that has greeted traders at the beginning of 2019, the moves on the DAX have been relatively encouraging for the bulls.
However, this does have to be put into the context of a market which remains extremely negatively configured on a medium to longer term outlook.
Yesterday’s intraday rebound into the close was remarkably resilient in forming a bullish close and a solidly positive candle.
Despite this though, the market has again opened lower this morning and once again the negative sentiment is a factor.
Although a downtrend of the past three weeks has been broken by yesterday’s rebound, near term technical remain negatively configured.
The RSI is still struggling under 40, whilst MACD lines remain negatively configured.
Hope comes with the tick higher on the Stochastics, but far more needs to be seen in order to back the prospect of a near term recovery.
On the hourly chart the indicators are simply unwinding to levels of selling opportunities (hourly RSI around 60, MACD around neutral).
Richard Perry
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