• Since reaching highs on the 20th June we have seen a succession of lower highs and lower lows over a short time frame.

• The sharp sell off earlier in the month saw the DAX fall around 4.3% from the highs before retracing some of those losses.

• The buying ran out of steam around 9870 on Wednesday which was almost exactly 61.8% of the move from 3rd-10th July.

• The cash close saw the market finish around the lows of the session and I expect we will see some volatility creep back into equities.

• So the trade this morning is to sell into strength if seen

• Stop around key local resistance levels, so either 9845 or 9870

• Target 9600 in the near term