$DAX at critical juncture

The stock markets have shown great strength in recent weeks. Still the $DAX has not managed to make any meaningful progress beyond pre-Brexit levels. This is apparent in the weekly chart:



The trendlines actually show an acceleration to the downside were the German index to head south from here. Zooming in on the daily chart magnifies the double resistance that we are trading at currently:


Thus I am very cautious with longs in any of the stock markets at this point.

Funny coincidence was a conversation of two work colleagues I overheard recently in which the tenor was one of optimism for the economy because with $DAX over 10.000 points not everything can be bad and ugly.


*All ideas presented here are my personal opinions and not investment advice.

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