As of the close of Fri. Dec. 16, 2016, the market is immediately in a bullish posture near-term suggesting it is quite strong trading above the December 2015 high. DAX Index Cash closed today at 1140401 and is trading up about 6.15% for the year from last year's closing of 1074301. So far, we have been trading up for the past 10 days since the low made on Fri. Dec. 2, 2016.
On the weekly level, the last important high was established the week of December 12th at 1145157, which was up 44 weeks from the low made back during the week of February 8th. We have been generally trading up since the low made week of November 7th at 1017492 for the past 5 weeks, which has been a significant move of 12% percent in a stark panic type advance. The broader perspective, this current rally into the week of December 12th reaching 1145157 has exceeded the previous high of 1082772 made back during the week of October 24th. We have seen a rally so far from the last low of 1017492 for the past 5 weeks. Only a break of that low would signal a technical reversal of fortune, however, the market remains strong at this time. Right now, the market is above momentum on our weekly models hinting this is still bullish for now as well as trend, long-term trend, and cyclical strength. Looking at this from a wider perspective, this market has been trading up for the past 11 weeks overall. Looking at the longer-term monthly level, we did see a correction from the key high of November 2015 for 3 months. Since that low, however, we have consolidated for 9 months.
Some caution is necessary since the last high 1143087 was important given we did obtain two sell signals from that event established during November 2015. Critical support still underlies this market at 939534 and a break of that level on a monthly closing basis would warn of a further decline ahead becomes possible. Subsequently, the market made a low in February at 869929 electing two buy signals from that event. Critical resistance now stands on a monthly closing basis at 1088699 and a break above that level on a monthly closing basis would warn of a continued advance ahead becomes possible. Currently, this market remains in an uptrend posture on all our indicators looking at the weekly level. We see here the trend has been moving up for the past 5 weeks. The last weekly level low was 1017492, which formed during the week of November 7th. The last high on the weekly level was 1145157, which was created during the week of December 12th. Looking at a broader time horizon, this market is in an uptrend position on all our monthly indicators for the near term trend. We see here the trend has been moving up for the past 9 months. The last monthly level low was 869929, which formed during February. The last high on the monthly level was 1082772, which was created during October. We have generated a buy signal so some caution is required. We see that the trend should change come this month so pay attention to events ahead.