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With the retracement, the DAX fell back into the limit that has been in place for around two weeks, which had always had the 18,374.53 in the middle as an anchor point and thus as a target. However, the index did not slow down here on Tuesday morning, but instead showed clear momentum on the downside.
The sell-off – there is no other way to express it – was very reminiscent of Wednesday a week ago. Here, a false signal had already occurred on the upside and caused a complete reversal of the day and a return to the weekly lows. The course was similar again, so that on the downside we reached exactly the same area from Wednesday of the previous week – the support area above the 18,374.53 mark that has now been tested several times:
It held and produced a clear countermovement of 100 points. This did ease the market, but ultimately the minus signs were not made up. Trading ended at 1.16% percent and did not reflect the strength on Wall Street.
Based on data from the Frankfurt Stock Exchange, the second trading day in July is outlined as follows:
There has been no change in the big picture. The triangle continues to form and the 18,374.53 should be approached again from the bottom today: