Current Bias: Smashed through 10,000, but hit an electric fence
Dax Reaches 10,000!!!!
Not much more to say. Targets have been hit, the 10k level has been hit and the market is now just being patted on the back and wondering what it wants to do next. From here I am sure there is further room to move to the upside, I predict that we could go as high as 10,750, but I am moving my bias to neutral because I think there will be some choppiness ahead.
VWAP is currently 9960 and if we see a move up from current levels we could range between yesterday’s value area of 9960 – 9930 for much of the afternoon. The 9900-9920 zone is quite supportive today with the S1 being in there. Considering we have taken out the daily R2, it’s fairly unlikely that we take out today’s S1, even less likely we take out the S2 down at 9854.
I would still like to see a decent correction soon, but I suspect today is going to now be sluggish and Wednesday possibly even more so.
Technical Analysis Video