SP500/DAX spread sell - Relative value trade for pull back

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This chart (black cont. line) represents the relative value spread between SP500             and the German DAX             .

The spread has reached a critical Key Level. The question here is if DAX             is so much worse, or in other words SP500             is so much better? I sold this spread, which means I BOUGHT DAX             and SOLD SP500             against it as relative value trade.
Either DAX             will recover more from this oversold level, or the SP500             has to collapse a lot more.

Anyway, you can put a nice tight stop on the trade in case, and risk-reward from this level is not bad at all if the spread compresses a bit again.

Note: You need to manage and monitor this trade manually. Do not place stops on any legs in advance. The trade idea is a short term idea.
Obviously I opened this spread trade too early. But the position is very small, so still waiting for a pullback. This morning was a bit scary, but it's been recovering in last 30 mins.
Pls also check recent post about DAX itself:
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