German DAX Likely to Trade Near Lows
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German DAX– Retail traders remain modestly long the GER30, which tracks moves in the German DAX, and a contrarian view of crowd sentiment suggests the index may continue to trade lower. Of course it is worth noting that this was likewise true last week, and the DAX remained nearly motionless in a quiet week of trading.
Ideally we would see a sharp price break and a comparable move in sentiment to hold real conviction in our trading forecasts. In the meantime, we will keep our modestly bearish DAX trading bias.
See next currency section: S&P - S&P 500 May Have Set Significant Top
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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