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This morning started with a big gap down of 132 points.
The IB volume with 15494 contracts in the first 30 minutes
shows the nervous market.
Last Friday had a range of 215 points.
The volumes in Friday morning were quite big too. This is normal a
week before triple witch - finding the desired base of finishing
the June contract.
Today no trade foreseen.
In next post a quick overview in a 1h chart that shows the interesting
levels.
Dax still on the down path. The gap of yesterday not closed.
This morning in the first 10 min. after opening still high volumes:
7,5k which is normally done for IB 30min was reached after 12min.
Price in the middle of nowhere.
No support in reach...
Triple witch this Friday for the Dax @ 13:00 CET.
Here change on the new September contract will be on Friday.
New Dax September contract has started.
At 13:00h the June Dax futures contract will end.
After the strong correction of the last 10 days we can see a price of around
9580 for that contract.
The 10k is far from reality and will not be back easily. Depending on the outcome
of the Brexit of course.
Uncertainty in the markets will hold longer - either way what Britain will vote.
This means more risk even on normally strong systems.
As mentioned in earlier posts - the summer holidays will stay with lower volumes
as every year. Therefore staying at the sidelines is not a bad decision.
IB volume today is strong:
June 30m IB 1439 contracts
Sep 30m IB 11439 contracts
nice pair
After new positive statistics of voting in UK over the weekend about
non-Brexit Asian markets jumped up ~3%.
In pre opening the Dax made a huge gap up to the 9900 area.
Some banking titles gained over weekend more than 5%.
We need to be vigilant to trade during this strong political week
with polls on Thursday.
Markets may shake quite strongly. Staying at the sidelines is
recommended.
