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Morning traders.
Taking a quick look at the charts, it seems that we are currently trading sideways in the short-term and price action is really choppy. The range is large, around 300 points or so, but what was a clear trend is beginning to cloud over a little. Greece weighed heavily yesterday and the Fed released a perhaps neutral/hawkish update to their monetary policy stance which strengthened the dollar but pulled back the S&P and this also cascaded through some other markets including the Dax.
I am currently neutral with no trades open and am waiting for a better entry from lower positions to go long. In the back of my mind I am thinking that we are not going to hit 10100 this week, so will probably just be patient, watch the range and see whether we get any kind of technical patterns to trade.
Support & Resistance
| KEY LEVELS | Difference | |
| Daily R2 | 10832 | -105 |
| Daily R1 | 10709 | -85 |
| Value High | 10709 | -7 |
| 34 Hour EMA | 10665 | -3 |
| 24hr VWAP | 10664 | -5 |
| Naked VPOC | 10656 | 15 |
| Daily Pivot | 10630 | -63 |
| Value Low | 10605 | 13 |
| Daily S1 | 10507 | -43 |
| Daily S2 | 10428 | -21 |
| 200 Day EMA | 9590 | 10 |
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Dax Daily Chart Analysis
Still targetting a move towards and beyond the 100% Fibonacci extension at 10947, but after the decent rally we have had, we are going to need to rebuild from lower levels. Whilst trend lines may not be the strongest form of analysis, the current trendline/channel still seems to be in play and a bounce from the top has signaled the start of a decent pullback. I am targeting 10100 for a swing position to go long, aiming for 10947.
Dax Daily Chart
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Dax Intra-day Analysis
The red moving average line is almost horizontal (34-period EMA based on hourly data) and we have entered a sideways chapter. The range is between the ATH and roughly 10575 with the lower bound forming the neckline to a fairly tenuous head and shoulders pattern. I would imagine there are plenty of stop losses and entry orders under this level so it could create a few waves for scalpers.
Dax Intra-day Chart (m30)
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Volume Profile
Definitely range bound, mixed signals everywhere, sideways vwap and you may be able to see from my notations that YVAH and YVAL (yesterday value area high and yesterday value area low) are completely within Tuesday (2dVAH and 2dVAL), a third inside day could suggest compression and provide a decent technical setup, so the VAH and VAL are key to watch today. As I write this, we are clustered towards VAL and threatening to take it out, but it is holding firm at the moment.
Dax Volume Profile Chart (m5)
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