Good morning traders and welcome to the DAX MARKET OUTLOOK 06112014. There was little nervousness in the market yesterday as we had a decent bull day. All eyes on ECB today, perhaps nothing extraordinary will be released but his press conference should be interesting. Either way, expect some volatility. Price action is stalling between 9250-9350 and we are struggling to break overhead resistance, lots of it too.
DAX MARKET OUTLOOK 06112014 Bearish case
Growth slowing in Germany, manufacturing and factory orders disappoint, austerity still being preferred, massive overhead resistance with 200-day EMA, 61.8% fib level and current highs are acting as areas of confluence.
DAX MARKET OUTLOOK 06112014 Bullish case
Money is being printed, further money is likely to be printed, oil prices are a key key reason for higher indices currently due to higher margins and lower costs for companies. It is currently reporting season for equities and that provides an opportunity for companies to have a last push for stock price inflation before year end.
Today my 5 minute chart is providing some sell signals based on the technicals, but it seems to be the fundamental case it can not consider. The bears vs bulls argument is finely balance and a catalyst is needed for further movement to get us out of this range.
DAX MARKET OUTLOOK 06112014 Key Levels Today
| KEY LEVELS | |
| Daily R2 | 9399 |
| 200 Day EMA | 9343 |
| Value High | 9320 |
| Naked VPOC | 9310 |
| 24hr VWAP | 9295 |
| Daily Pivot | 9282 |
| Value Low | 9264 |
| Daily S2 | 9165 |
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