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The DAX is closed today but the futures are higher this morning

The major European stock markets are of course closed today, but if they were open, then they would be higher, as currently priced by the futures. The DAX closed on Friday at 16,706, with a meagre 18 point gain on the day. The index future is currently pricing the reopening for tomorrow at around 16,745, So, as you can see, nothing much has materially changed and certainly not outside of the recent ranges, seen last week. There is no German economic data due out this week to deliver anything meaningful from that direction and so the index is likely to take a lead from the US markets and whatever fresh news emerges this side of the New Year. Most recently the DAX has corrected its hitherto overbought position, that placed the RSI above 90. As of the close on Friday it was nearer to 70. Hence, there is scope for another uplift ahead of the New Year, but we shall have to see if that can materialise. Whatever happens, it is currently looking like the index is going to post a record monthly close on Friday, provided it does not fall below 16,446 from here on. 

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