Dax technical analysis
The DAX has been trending lower since early January, before rebounding off 13270.
The Dax price has extended its recovery through the 50 and 100 sma on the 4 hour chart and has also moved above the descending trend line negating the near term bearish trend.
The RSI is supportive of further upside, sitting over 50 and pointing northwards but still below overbought territory.
Immediate resistance is seen at 14000 and a move above this level could see the Dax gain traction towards its all time high of 14137.
Nasdaq futures advance after Amazon & Alphabet results
The Nasdaq resumed its upward trajectory as the focus shifts back to earnings and away from the retail trader short squeeze frenzy of last week.
Alphabet and Amazon posted impressive Q4 earnings besting on both the top & bottom line, rising 7.7% and 1.3% respectively helping to lift Nasdaq futures.
US vaccination drive is picking up pace with 32.2 million people vaccinated.
US ADP data coming up
Nasdaq technical analysis
After rebounding off its 50 sma on the daily chart, the Nasdaq has returned to its ascending channel. The bull trend remains firmly intact and is well supported by the 50 sma. The RSI is also in bullish territory and indicative of further gains at 62.
Immediate resistance can be seen at 13610 all time high reached last week before 13775 the upper band of the ascending trendline is tested and the bulls target 14000 round number.
On the downside, 13120 the lower ban of the ascending channel offers support ahead of the 50 sma at 12800.
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