A Thursday rally above 12443 for the DAX, the German benchmark average, after an initial dip just below our 12351.5/350 support )from 12348), to sustain upside pressures from the mid-September push to a new recovery high at 12496, to keep risks higher Friday.
The late August move up through 11847.5 secured an intermediate-term base and an intermediate-term bullish shift.
For Today:
· We see an upside bias for 12474.5; break here quickly aims for 12496 and 12500, maybe towards 12598.
· But below 12397 opens risk down to 12348 and maybe 12303/299.
Intermediate-term Outlook - Upside Risks: We see an upside risk for 12650.
· Higher targets would be 12835 and 13000.
· What Changes This? Below 11565.5 shifts the intermediate-term outlook back to neutral; through 11480 is needed for an intermediate-term bear theme.
