Market Analysis - DAX 30 and S&P 500

Today's action was obviously negative in the DAX. But as you can see the DAX 30 bounced off the drawn trendline several times and so it did today. For Monday I am expecting a move back down to 7083/7084 and from there a rise to 7200 or higher. If the German index falls below 7075/7065 and this scenario is invalidated. The next levels to the downside would be 7040, 7020, 6990 and below that the gap close and the 200 day moving average at 6960. But as I mentioned until a break below 7065 I am in favour of the upside scenario.

In the S&P 500 nothing has really changed since yesterday although today's session was very weak. During the session the bulls never fought back but the S&P 500 is still above its 200 day moving averages (both simply and exponential). I am still expecting a bounce to the upside for the coming days. I mentioned last week that maybe the bulls have to wait for July until the stock market is able to bounce. Above 1300 the next stop should be somewhere between 1320 and 1345. A break below the 200 day moving averages would probably send the index back down to the March lows around 1248 and below that support should be around 1225 to 1235.