Yesterday's long at 14746 worked almost to perfection as DAX hit the level and rallied 150 points (www.tradingview.com/...Z3uh78-24102023-DAX/). What is probably very interesting, IMO, the strength of DAX yesterday.
Despite the down moves in SPX and NDX, DAX was resilient, only giving small pullbacks, as it closed near the highs. If you ask me, price action is much bullish but as you can see from the chart, there is an overlap of the DBZ and a triple resistance zone above.
So I say today would likely be a very important day, as bond was sideways yesterday; thus today we want to see if bond yield can drop further (indices up). And also at the same time, we want to see if DAX's bullish price action yesterday is real, for a further upside. SPX and NDX were lackluster, partly due to earnings; thus not able to get much clue from there. Can only say that I will be cautious for today.
As mentioned, price action is bullish but price is at resistance. Again, will not discount the possibility of a pullback first; thus need to be cautious to look for longs; which IMO, if market give a dip first before attacking the upside, it will be more bullish. But if market goes up to the resistance, especially near the 14960 level, would be cautious for a deep pullback to 14800.
Despite the down moves in SPX and NDX, DAX was resilient, only giving small pullbacks, as it closed near the highs. If you ask me, price action is much bullish but as you can see from the chart, there is an overlap of the DBZ and a triple resistance zone above.
So I say today would likely be a very important day, as bond was sideways yesterday; thus today we want to see if bond yield can drop further (indices up). And also at the same time, we want to see if DAX's bullish price action yesterday is real, for a further upside. SPX and NDX were lackluster, partly due to earnings; thus not able to get much clue from there. Can only say that I will be cautious for today.
As mentioned, price action is bullish but price is at resistance. Again, will not discount the possibility of a pullback first; thus need to be cautious to look for longs; which IMO, if market give a dip first before attacking the upside, it will be more bullish. But if market goes up to the resistance, especially near the 14960 level, would be cautious for a deep pullback to 14800.
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