DAX market analysis

The German DAX is stuck in a range between 5750 (5700) and 6080 (6120). A close above that range would give us an upside target around 6400 and then 6600. A daily close below this range would end the DAX to 5500 and later down to 5000. So all in all we just have to wait for a break of this range...
Overall I am still very bearish on the stock market but until year-end I still think a rally could occur. 6600 would be a nice target, but not further than 7000. But do not get me wrong, if we close below 5700 I think a year-end rally would be quite difficult!

At this point intraday 5890 there is still no convincing upside reversal in place, so I think we have not seen the lows of the day.