DAX shows no sign of bearish momentum
Having seen the sharp breakout two days ago, we are perhaps now witnessing a consolidation. Nonetheless, so far there is no sign of bearish momentum. If it does move lower 10,500 becomes the next area to watch out for.
Having broken the descending trendline this week it would not be surprising to see the index test the line from above, perhaps around 10,350. The next area to watch on the upside would be 10,900.
S&P 500 loses momentum
US markets have lost momentum recently, with a drift lower the last few days more a function of the lack of news flow. A further move lower could find support around 2150 and then on to 2123. A breakout above 2190, the highs of the week, would put the index firmly back on an upward trajectory.