You can see the down sloping trend line capping price and a very important horizontal area. Note how there was already 1 attempt to break higher ( sign of strength ). I will be watching this area and wait for confirmation.
Just a big picture look at the recent weekly action - despite the bullish engulfing candle you can see how price fails to make new highs. We might see an end of trend developing here, but I would wait with going short until the current candle turns decisively bearish ( red ). I am looking for a summer retreat to first target 12.400,00 approximately. Wait for confirmation !
I repeat my call to watch out here ! As we all know, the tech stocks and Nasdaq100 are holding the market up - once this is finished we should start a correction lower.
With Apple I still see only topping activity such as filling the last gaps etc. ( just like in QQQ from the Wednesday gap ). Only a strong buying impulse above 155.00 USD, - accompanied with...
We had the Manchester terror attack overnight and Indices seem to continue with their correction mode. This is basically risk-off mode in early Europe trade environment, BUND should gain a bit short-term. Long-term I see downwards traction, but I`ll provide a big picture chart for that later.
Other alternatives in risk-off mode :
GER30 ( DAX ) short
I am watching tech stocks closely, as they had been holding the market up. AAPL = Indicator divergences ( bearish ) and a tentative trend change in Heikin Ashi candlesticks signals a possible correction lower. No serious going short unless we have a daily close below 150.00 USD. Watch the effect on XLK and NAS100 as well.