Market Analysis - DAX 30 and S&P 500

Yesterday the DAX 30 broke as expected above 7230 and reached its first resistance level around 7310. The DAX 30 tried several times to break above that level but always failed. I think tomorrow we could see some consolidation. A break above 7310 would give the DAX some room to 7400 to 7410. At least after that level we could see at least a retest of the breakout level around 7230. In the hourly chart the DAX is in an upward trend channel. Trendline resistance is at 7330 and trendline support is around 7160 (both rising). If the DAX 30 breaks below 7130 new lows would be very likely.

The S&P 500 is very likely forming a bigger topping formation. In the shorter time we could easily see prices back above 1300 more precisely I am expecting a move back up to 1325 to 1340. Most of today's trading session was in the favour of the bulls. The S&P 500 consolidated around 1295 but in the last two hours it gave back nearly half of yesterday's gains. That was not very impressive at all. A break below 1275 or 1270 and I think the S&P 500 will test the March lows at 1250. Usually the end of June shows weakness so I think the chances for a bigger bounce to the upside are much better in July.