#DAX - 6 Mar

6 มี.ค.

I was looking for a move lower for DAX yesterday and we got the move (tradingview.com/chart/DE30EUR/RC2JNn7J-DAX-5-Mar/). Levels worked perfect despite the somewhat choppy movement (DAX was strong despite weakness in the US indices). The strong level below held perfectly while the level above also provide a good short during the US session and mentioned in the group chat.

If I look at the daily candle, price action still looks bearish and toppish to me. I am still in the opinion of weakness in DAX for today.

Currently DAX is rather strong; so I am not surprised if DAX test the 17743, form a double top but come down lower, with 17657 as first target and further down to 17565. If I am right on the down move today, I would think the magnitude of down move will not be as significant as that of yesterday.

But do note that Powell will be speaking today. Not sure what he will say, but IMO market is bulled up for rate cuts. If Powell say something about not cutting rates, that will be bad news IMO.

Looking for a bounce off the 17565 level, but if break, strong levels below would be 17479 and 17417.