DAX holds technical support and edges towards 20,300

Earlier today, as thoroughly expected, the DAX did open higher. The index had closed below its current 21 day moving average yesterday, at 20,132. That moving average is in place right now at 20,177 and as you can see it capped perfectly the topside yesterday, because the DAX peaked at 20,176 yesterday. Well, it reopened today at 20,266. The low seen just after the opening was set at 20,238 and since then the index has pushed higher and it is just now approaching the 20,300 handle. All the while the index remains above the 21 day moving average the outlook is technically positive, but much could depend on how the US markets behave this afternoon. Right now the opening outlook remains positive across all three major index futures