Looks like daily RSI hit oversold and it bounced.
If you go long today, you're betting that the Euros turned their algos back on.
I've decided to just stay cash. Might just stay out until the Fed shutdown in Nov.
RSI nearing oversold, but I don't think it bounces until MFI gets oversold.
In any case, is it me or does the general patter look bearish? Looks to me like the DAX is gonna waterfall now that Europe finally realized that they're in a recession.
Be careful about holding positions overnight for the rest of the year.
Not oversold yet. I think the US market gets more whipsaw Monday, possible gap down.
Gonna wait until FDAX hits oversold then go long. Staying cash over the weekend, not gonna bother playing the Friday EOD pump
Hit overbought and rolled over this morning. Remember, Europe is in a recession.
For those wondering why I keep posting FDAX is because Europe determines the gap direction for the US because all futures move the same direction, unless there's region specific news.
Since last Wednesday, the German stock index DAX has been rising again. In theory, the low of the turquoise wave alt.4 could already be in place. However, this scenario would require a rise above the resistance at 15 647, which we consider to be 33% probable. Until then, we maintain our primary expectation that the turquoise target zone between 14 866 and 14 555...
FDAX hit oversold on RSI and MFI and bounced as I predicted yesterday. Bounce was big enough to gap the US market up.
I didn't want to post too early until I got a chance to see what the US market does with that.... which appears to be nothing so far, lol. Small caps and Dow are red now.
Staying cash for the moment
ES RSI hit oversold but this is keeping me from going long. I think it might go up tomorrow then down Thursday instead of going straight down tomorrow...
Anyways, I'm gonna go low risk and wait until FDAX hits oversold before going long.
Indicators are neutral, but the chart formation shows that it lost support, backtested and went down. That's pretty darn bearish, and remember the Euros control the morning gap direction for the US market.
Old support is new resistance. FDAX got rejected by the line this morning. I can see Europe resuming the selloff next week.
No long positions for me over the weekend, PCAR isn't doing crap today anyways, lol. If there's a shutdown, expect 1 - 2% down day Monday because that's usually what it does.
As I said yesterday, these gap directions depend on news that I...
In this update we review the recent price action in the German DAX futures contract and identify the next high probability trading opportunities and price objectives to target
PAST PERFORMANCE NOT INDICATIVE OF FUTURE RESULTS
3hr indicators oversold but it lost support in s similar fashion to the area I highlighted awhile ago.
It might bounce tomorrow, but I think it goes lower. I've been pointing out how it went to ATH while the country is in a recession. It took a lot longer than I expected for it to sink into the market, lol. Craziness.
Since rollover to december contract the price is falling. On last friday there was potential confirmation of weekly imbalance. The scenario for fast downfall is possible as it's 6th attempt to break below 15600 in actual quarter. I wouldn't be supprised if we see 15k soon. However, the levels and scenarios are nothing if day trade conditions are not met.
Helloo Traders:)
DAX has already double-tested the lower limit of VWAP -1, accepting this level twice with a dynamic break to the upper limit of VWAP. Currently, the session closed above the level of the lower line VWAP. What may announce another positive break towards the upper limits of the VWAP. Opening a long position after Heikin Ashi generates...
I wonder if the Euros finally realized they're in a recession, lol.
FDAX lost support today. I don't expect the same tank as last year because some of that was due to the war in Ukraine.
Regardless, it made absolutely no sense for FDAX to hit ATH during a recession. It;s the dumbest thing I've ever seen
