The bears have kept control of the market and in doing so have broken the first Trend line support.
Next key areas stand @ 9600 and the next Trend line support.
The Feds outlook on the state of the economy at the moment has led indices further down, as confidence is dwindling investors are reluctant to buy.
Price has broken the TL but its not that much of a convincing break, this week we'll see if price tries to head back above; which I find unlikely. The market is very bearish at the moment and I'll be looking for short set-ups on lower TFs. I am currently watching price to see if it retests the Weekly TL with some good PA there could be a nice short there.
Price still has a long way to go, and the next Trend line is key to the sentiment of the DAX a break of this and I see another 2000 pip drop occurring. If it holds however the market we should see a lot of buyers enter the market. As with previous touches of the TL, price has risen ever since.
Happy Trading,
Chartster
Next key areas stand @ 9600 and the next Trend line support.
The Feds outlook on the state of the economy at the moment has led indices further down, as confidence is dwindling investors are reluctant to buy.
Price has broken the TL but its not that much of a convincing break, this week we'll see if price tries to head back above; which I find unlikely. The market is very bearish at the moment and I'll be looking for short set-ups on lower TFs. I am currently watching price to see if it retests the Weekly TL with some good PA there could be a nice short there.
Price still has a long way to go, and the next Trend line is key to the sentiment of the DAX a break of this and I see another 2000 pip drop occurring. If it holds however the market we should see a lot of buyers enter the market. As with previous touches of the TL, price has risen ever since.
Happy Trading,
Chartster