[Video] DAX Traders Eye New Highs

The potential head and shoulders top pattern was quickly invalidated last week, and recent price action shows momentum has realigned with its long-term uptrend.

Charts (4)


Also in today’s video we check out brent futures, which shows the potential to retest resistance at $70. We also catch up on Tesla which has failed to maintain bullish interest, and now balances precariously on a key support level.

Updates from prior videos

  • EUR/USD reached and traded beyond our 1.2150 target on Friday, closing to a 10-week high and forming a bullish engulfing candle. Next resistance is 1.2143, and we’d welcome any dips towards 1.2100 and seek further bullish setups.
  • Gold reached our 1835 target on Friday, projected from the double bottom pattern at 1676. Next resistance is the upper trendline of the bearish channel, so the reward to risk ratio is not adequate for fresh longs without a retracement towards 1800 first.
  • Copper prices continue to accelerate higher with futures closing at a record high on Friday. At some stage it will surely need to correct but, as of yet, no clear signs of exhaustion have presented themselves.
  • Berkshire Hathaway (BRK.A) hit fresh highs and printed an intraday high above 44k, yet closed the session with an indecision candle above its upper Keltner band to warn of a potential retracement The bias remains bullish above 41k (hammer low).
  • Comcast (CMCA) has risen to the March highs in line with your bullish bias, and we remain bullish above the recent consolidation around 56.18.

S&P 500: Market Internals

S&P 500: 4232.6 (0.74%), 07 May 2021

  • Energy (1.89%) was the strongest sector and Consumer Staples (0.0054%) was the weakest
  • 6 out of the 11 sectors outperformed the S&P 500
  • 399 (79.01%) stocks advanced and 103 (20.40%) declined
  • 92.08% of stocks closed above their 200-day average
  • 74.65% of stocks closed above their 20-day average


  • + 8.07%   -  Centene Corp  (CNC.N) 
  • + 7.95%   -  EOG Resources Inc  (EOG.N) 
  • + 6.76%   -  Mckesson Corp  (MCK.N) 


  • -3.97%   -  Monster Beverage Corp  (MNST.OQ) 
  • -1.54%   -  Mettler-Toledo International Inc  (MTD.N) 
  • -1.48%   -  Jack Henry & Associates Inc  (JKHY.OQ) 

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