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
Technical analysis of Major Markets, F/X, and anything that can be traded This is my diary for trading Views expressed in this are only for educational purposes. They ARE NOT recommendations to BUY or SELL anything!! ALL comments and criticisms welcome.
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