As suspected and alluded to in the penultimate update, the DAX did fall back from 18,500. In fact it did not actually quite nail that level in live cash trading. The actual high was set at 18,498. So, the subsequent fall, at or just below 18,420 perfectly filled the price gap left open on the daily bar chart, from the high seen yesterday and the effective start of trading today. That was highlighted here as a possibility in that earlier update and now the index has rejected a sustained move to below that level since. All the while that remains the case, there is the prospect of another push higher, taking the index back to the earlier highs and potentially above 18,500. If that does unfold, the index might extend, but for the time being it is still in the balance it seems. The DAX is currently trading at 18,463