News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Crude oil prices tend to move against inventory changes. Recent fall in US crude oil inventories has underpinned WTI prices. Oil traders are eyeing weekly EIA inventory data on Wednesday, expecting further decline in stockpiles. https://t.co/MGkIuMQDME
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Silver: 1.47% Gold: 0.64% Oil - US Crude: -0.55% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/OmjUX9Bqn9
  • Retail trader data shows 48.82% of traders are net-long crude oil with the ratio of traders short to long at 1.05 to 1. https://t.co/EqqMQjbHt9
  • The S&P 500 may cautiously rise if investors believe a breakthrough in fiscal talks could be made before the November 3 election. Markets now brace for the final presidential debate. Get your S&P500 market update from @ZabelinDimitri here:https://t.co/CQgeT55Ax3 https://t.co/kbFybIBFhE
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.40% 🇳🇿NZD: 0.39% 🇨🇦CAD: 0.20% 🇪🇺EUR: 0.17% 🇨🇭CHF: 0.11% 🇯🇵JPY: 0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/syhc439Snn
  • Technically, the Nasdaq 100 index appears to have formed a bearish “AB=CD” pattern (chart below). An immediate support level can be found at 11,650, where the 38.2% Fibonacci retracement and the 20-Day Simple Moving Average (SMA) line overlap. https://t.co/XJ55wo834j
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.62%, while traders in EUR/USD are at opposite extremes with 72.91%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Yso2dgKU4I
  • 10 out of 11 S&P 500 sectors closed in the green, with 70% of the index’s constituents ending higher yesterday. Energy (+1.13%) and financials (+0.82%) and were among the better performers, whereas consumer staples (-0.11%) and healthcare (+0.13%) were lagging. https://t.co/XbJZafP2qG
  • Broad risk-on tilt seen early in APAC trade - Haven-associated $USD and $JPY sliding to fresh session-lows as the risk-sensitive $AUDUSD climbs higher. - #Gold eyeing a push to session-highs while #SP500 futures hover relatively steady - #Crudeoil attempting to push back to $42 https://t.co/Uh2YW4jeAP
  • Netflix fell over 5% after its Q3 results came sharply below forecasts in terms of earnings-per-share (EPS), new subscribers and forward guidance due to a drastic slowdown in sign-ups in the summer season. https://t.co/faqGMEJlHb
DAX – Staying the Course Until Price Action Suggests to Do Otherwise

DAX – Staying the Course Until Price Action Suggests to Do Otherwise

2017-05-11 08:36:00
Paul Robinson, Strategist
Share:

What’s inside:

  • DAX hanging out in record territory following small Macron 'gap-n-trap'
  • Prior top-side trend-lines of resistance turned support
  • Sticking with a long bias until price action suggest we do otherwise

Where is the DAX heading? See what's driving stocks in the quarterly forecast.

It’s been a quiet week thus for the DAX. Monday started off with a small ‘gap-n-trap’ on the Macron victory; a ‘buy the rumor, sell the news’ type reaction; well, the buying was big in response to the first-round of the elections, but the selling on the final results has been negligible by comparison.

Price action the past few days is leaving the DAX hanging out in record territory forming a high-level consolidation above the February top-side trend-line it recently surpassed. It was the last line of resistance we had penciled in. Adding further validity to this trend-line was Monday’s hold of this trend-line as support (old resistance = new support). In the short-run, we’ll operate off it as support (~12700). Should we see a break beneath, not far below lies another top-side trend-line (~12600) running higher since August.

While we continue to maintain a bullish bias, with volatility as low as it is our expectations have been adjusted accordingly. If the DAX is to continue trending higher it may do-so in ‘grinding’ fashion. Under this view, a good plan of attack for short-term traders is to look to minor weakness as buying opportunities with a plan to sell into strength (We discussed this yesterday as it pertained to the S&P 500.)

To undercut the bullish tone of the market we will need to see some type of sharp reversal in price action suggesting the market is saturated with buyers and ready for a decline. Until then, we see no reason to fight the trend.

DAX: Daily

DAX – Staying the Course Until Price Action Suggests to Do Otherwise

Created with TradingView

Paul conducts webinars every week from Tuesday-Friday. See the Webinar Calendar for details, and the full line-up of all upcoming live events.

---Written by Paul Robinson, Market Analyst

You can receive Paul’s analysis directly via email by signing up here.

You can follow Paul on Twitter at @PaulRobinonFX.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES