I am shorting the Dax here at the market price which is 9232. The target for this trade is 8950-8900 and anything below there. My stop loss will be placed above the 9500 resistance level.
As long as the market is able to stay below the 9300 resistance level then this shouldnt be a problem for it to drop.
The indicators are showing previous overbought sessions which have now gone into the neutral territory however I have strong reason to believe that we will decline further this week.
Dont worry about the market rallying here people. Its just a standard stop hunter. Failure to break above 9400 will drop the market lower to the 9000 level. We are currently minus 80 odd points however this should soon change later today. I expect the US Markets (Big Banks) to short the Dax later today for a big sell off.