DAX rally strong last week, not only score 12220 and 12330 targets but take out another resistance at 12416 to end up close to 12460
Friday was expiration date for Indexes September futures contracts all over world and another ATH challenge for S&P500
2 week action opened patch for targets above 12500 and 600 but lets be realistic and watch-out for correction.
We have overbought conditions and too aggressive rally to last.
Buyers have to step-in and support price or will erase completely and score new lows.
Buyers: Will be looking for support at previous resistances 12220 and 12100/80 and push back to September highs with target 12530/600. Key support level is 11950
Sellers: Good opportunity to turn rally correction in to heavy sell off and erase it completely,
target: 12220/12100 then if sellers take full control 11720/500
Watch for price get push back under trend line and decline on retest for good short entry (12380/60)
Right now we have 2 resistance levels to watch intra-day resistance 12460 and daily 12430
Previous resistances possible supports – 12360&30, 12290 & 22, 12140&080
Important Supports 12220 / 12100
DAX is close to 2 higher gaps at 12550+500/400 and left behind gap at 12330/80