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Mood!

Wednesday, May 23, 2012

DAX and FTSE update

Yesterday's rally was a bear rally.

strong, low volume, and serves to:

a. stop out the shorts
b. suck in the longs.

DAX

recently has been holding up pretty well, but not out of the BEAR woods YET..
A test of the lows at 6225 and a hold could be a nice BUY (tight stop)

IF it breaks the lows then we could see a PANIC move down to 6k or 5870
Nimble trading necessary as if it approaches the lower levels would be good LONG opp




FTSE

Similar to the DAX but with a clearer down move from the highs
Blew past the FLAG target (interesting that yesterday's rally went TO THE FLAG target)

5260 recent low WATCH this level !!
below targets:


5180 is the H&S target
5020 is KEY support
and below 4850


Unlikely to get to the lowest target, and at 5180 flattening out the shorts!
Below that look for longs



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