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Despite the break to the upside from a 4-month consolidation pattern in May, the DAX has failed to decisively break the psychological threshold at 10'000. The subsequent weakness has led to a break of the support at 9534 and to the first daily close below the 200 day moving average in more than 2 years. Even if there is no visible long-term bearish reversal pattern, the recent technical deteriorations coupled with the overextended underlying uptrend calls for some short-term caution. Furthermore, looking at the MDAX, which captures the mid-cap performance, the recent 9-month lows confirm significant cracks in the long-term bullish momentum in German equities. 

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Ayman Khlifat on Twitter : @Aymankkhlifat