DAX posts an outside day reversal from record levels

Yesterday the DAX replicated what we saw in the Nasdaq 100 and S+P 500 indexes last week. The DAX opened at a new record opening high of 18,002. It then moved to set a new all time high at 18,039, as covered in updates here, when that played out. However, the reversal that followed saw the index drop back to a low at 17,899. The index later closed 19 points lower, at 17,942. That set up posted a significant outside, or Key Day reversal and of course it was from an all time record level. That technically negative close cannot be ignored, but as usual it remains to be seen, if the markets will pay attention to it. The index will soon reopen for live trading and right now that opening is priced to kick-off live trading at around 17,925