TechnoMeter

W1 price is located to be below yearly Central Pivot at 10,807 for the crossing 9,807 support level together with descending triangle pattern with the bearish breakdown for the S1 Pivot at 9,190 as the next bearish target:

• "The DAX is rangebound over the last three days with Friday’s high of 10,123 (NFP high) capping price, while this week’s low of 9,659 is supporting price. As the trend is bearish since December, the primary bias for the German DAX is to trade downwards. The index may reach 9,659, and (in the case of an extension) the psychological level of 9,500."
• "The situation is similar for the S&P 500, and a break to its high of 1937.5 will turn it bullish. With this in mind, we might get a strong bullish reaction if the DAX and S&P 500 were to break their Friday highs, but until this happens, both indices may drift lower in line with their bearish trends."

Instrument	S1 Pivot	Yearly PP	R1 Pivot
GX	9,190	10,807	13,317

Trend:

• W1 - bearish breakdown

more...