The German $DAX has broken out to new 5 year highs. After meeting resistance at the 2011 top, it has now cleared that hurdle and looks to be moving higher with the rest of the globe.
You can see on the chart how the 7500 level was providing some resistance. We have now stepped above that and look to be marching higher.
Regarding my $IRX chart last week. I thought long and hard about that one. I believe it is just investors parking cash in a short term t-bill until the fiscal cliff drama is over.
Good Trading,
Greg Schnell, CMT
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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