DAX continues to push higher
The DAX has pushed onwards once more this morning, in what has been a very positive 24-hours for the index. Yesterday’s pullback provided us with a cheaper area to get in as expected.
However, we are now seeing the index surging higher in more of a breakout style rather than the gradual moves seen over the past week. As such, further gains seem likely from here, with no resistance up ahead. A break back below 12,476 would be required to negate this bullish view.
Dow begins bullish breakout
The Dow Jones finally has shown its true colours, with price rallying out of a descending channel and breaking through the 20,959 swing high. This gives me the confidence that we are set for a surge higher for the index. Of course we need to consider tomorrow’s jobs report as a driver of volatility. However, all things remaining equal, the chart looks primed for a strong surge higher and renewed uptrend.
With that in mind, further gains are expected from here. A break and hourly close back below 20,873 would be required to negate that view.