Dax - Bearish Into the Open

Momentum indicators are diverging, and at 5 ½ month highs futures are testing a large open window at 13538.0. While bullish signals for Q3 are being confirmed, signals for this week and for Tuesday have pointed to staying square on the open and to selling the rally. This is so far being confirmed, as a bullish gap open on Tuesday and initial gains of over 200 Pts has attracted sellers and for sentiment to close little changed on the day. The formation of a daily Shooting star highlights bullish exhaustion and with signals pointing lower the outlook for Wednesday is bearish and the call is to sell only modestly on the open and then at 13190.0 with a stop loss at 13304.5, yesterday’s high. Targets are to 12963.5, this week’s open, 12792.5, this week’s low and 12515.0, the 14th July base


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