8/9/2019 Daily Outlook 290710

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Calendar GMT Ctry Event Mkt Risk Exp Prev Remarks

hursday 0755 EU German unemployment change Jul C/E High -20K -21K Euro, ESX, DAX, S&P risk barometer (3

0900 EU Industrial confidence Jul C/E Med -5 -6 ESX, DAX intraday

EU Economic confidence Jul C/E Med 99.1 98.7 ESX, DAX intraday

EU Services confidence Jul C/E Med 5 4 ESX, DAX intraday

ailyutlook

uly 2010

ested in contributing to this letter?

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se contact -->

Jay Schneider -- FX and futures, range studies

San Diego Area, USA

jay@lonelytrader.com

760-444-0307

Bias in DAX for today is neutral, with downside pressure developing later in the trading day. In the European session,

Germany unemployment will likely cause some movement, but will ultimately be priced in. The close will depend on

where US equities take the markets. Currently price action is bearish, but momentum has slowed and it looks like

traders have finally realized that summer is here. I was wondering when that was going to happen.

Lots of resistance above and a bearish close on Wednesday.

Bias going into the rest of the week is to the downside, but

anything can happen from here. Today is likely to be quiet.

The range projection is 60 points, with the high and lows at

6250 and 6160. The alternate range projection is 100

points, with the extremes for today at 6300 and 6100 --

which we could easily see if the data out of Germany and

the EU disappoints and pressure materializes in the US

DAX 30min

3 day range pivot is 6200.

20 day range pivot is 6000.

Technical and statistical confluence in the 6140, 6150, and

6160 areas, leading me to believe that while the pressure

will be to the downside, responsive buying will likely limit

the range.

Today range resistance

Today's range resistance