DAX - 4 hour
DAX Index Cash closing friday of 11518. Weekly Bullish Reversal to watch stands at 12456 while the Weekly Bearish Reversal lies at 10493. Monthly Bearish Reversal lies at 11414. Last month produced a low at 11051 but closed on the weak side and so far, we are trading neutral within last month's trading range of 12373 to 11051. We need to breakout of this range to confirm the direction. Therefore, a close above will be bullish and a close below will warn of a possible decline. Key support and key resistance now stands at 12104 above the market. We closed the last session trading at the 11518, which is below (12373) this level on a daily closing basis at this moment. We need to close above this on a weekly basis to signal a rally is unfolding. Daily trend are bullish reflecting support forming at 11700. Turning to the broader picture, long-term trend is neutral while the strength is bearish providing a mixed perspective of the market beyond the short-term. Critical support still underlies this market at 10189 and a break of that level on a monthly closing basis would warn of a further decline ahead becomes possible.
Germany30 and S&P500 Intraday analysis August 23rd. and weekly update 34. Posted at twitter: twitter.com/SP500_Dow
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