Tuesday, November 22, 2011

Dax sentiment week 47

Dax got 3 new 52 week lows when Commerzbank, Daimler and Lufthansa fell to the their lowest levels.

Dax cycle is clearly pointing to lower levels and we probably have to wait 1-3 months to see the market bottom.

As we have seen, the inertia between oversold and overbought usually has been working well. This time is no exception. So, lower levels for the index expected.

Dax McClellan summation index began to fall around zero level, which is quite bad news for the index.

Dax volume index is also pointing to lower levels.