First of all, to be honest, DAX gained more than I did expect before we got into a corrective down move. The current correction from ATH is now about 5% and we could see another -5% before the corrective move is over (a test of monthly moving average 12 or the yearly mean or whatever you want to call it).

SPY is though still very strong and is still close to ATH. If SPY can hold current supports, my best guesstimate is that DAX will enter a trading range where low 12K is “box support” and 12650-ish resistance for the upcoming months. DAX does however usually test the yearly mean at least once a year, it wouldn’t be a big surprise if we’d test ~11,5K before the autumn.

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