Equities remain under pressure as investors brace for more aggressive tightening by central banks. A bearish MA cross on the daily chart suggests that sentiment has shifted to the cautious side and the selling pressure might intensify. On the hourly chart, the index found support at the origin of the rally back in mid-July at 12550, but 13040 has proven to be a tough level to crack. The whipsaws could direct the Dax 40 back to the double bottom near 12420 which is the level that separates a recovery from a bearish continuation.
