This will be a very short update on DAX market breadth (or market health whatever you want to call it). I measure the market breadth below with McClellan Oscillator for DAX.
The underlying instruments (30 stocks) in the German DAX index are beginning to show more weakness as a group. I think we must get some positive news, macro data etc. as a catalyst to get the Index higher. With the all the data available right now, we should expect range trading or a correction (~2-3%) the upcoming weeks.
DAX is currently above its MA20 (20 day Moving Average) but more and more underlying instruments are trading below its MA20. Currently there are more stocks trading above its MA20 but the number is declining (18 stocks trading above MA20 and 12 stocks trading below MA20).
