$Dax #dax

Good morning everyone. Price opened with a splash this morning, pushing above its opening line of 9471 and retesting Friday's high and the 50% retracement down from the 9600 high at 9507. My 60min stochs suggest this move up is vulnerable and I have shorted into the strength for at least a retest of the 9471 line (now at break even).

In short:

The daily ichimoku is providing bearish cover above (albeit into a bullish weekly cloud, not shown). Although the trend band turned up Friday, the stochs suggest there could be more consolidation to do downhill, although the bullish RSi has me banking my shorts when oversold intraday.

Price clipped the lower bolly band on the 4hr chart Friday and created a strong bounce. But the RSi is still bearish here and with the 38.2% retracement up from 8902 untouched, I think valuable supply has been missed so far. With the 4hr ichimoku cloud bullish, I am playing this overall move down as a retracement, especially as the daily trend band is now bullish. If the 4hr cloud gives way, I'll reassess, but shorting into it when price is below the daily open.

The hourly chart shows the ichimoku cloud under pressure here as the stochs are setting up for a test lower again, if price can hold under 9471 today. Price reached down to the 38.2% up from 9042 Friday, but the short side looks unfinished at the moment and with the 50% from 9042, very close to the 38.2% from 8902 and the hourly sma 200 being close by, that remains my target for looking for longs. With US Labor Day today, will likely trade this morning GMT and relook tomorrow.