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UPDATE ON DAX 40

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The DAX 40 has been unable to hold above its 200-day SMA after suffering various rejections off a descending trendline resistance. As I mentioned last week, momentum indicators were starting to show signs of deterioration in the year-long bullish trend and the German index is now coming up towards some key tests of direction. Straight up ahead is the 15,000 mark, which has held off further losses so far, but I would expect sellers to pierce through this level as the next key support lies in close proximity, leaving a key area between 15,000 and 14,815 where the strength of buyer momentum will be tested. Below there, the index is exposed to falling back towards 14,415. 

UPDATE ON DAX 40

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