DAX

DAX -European market have not made a new all time high along with the US in fact they have made lower tops since June  which US made higher tops. So is the case with the recent top. DAX retraced upto 66% and momentum indicators rolled over yesterday as shown below. CAC and FTSE are too at 61.8% levels. So the divergence continues and its important to see at this level what happens next. This is a large intermarket divergence and a sell off in Europe from here would at some point again trigger the same in the US again and on a larger scale.