Hi JSSPMK, I have such charts running here, where I substract Dax from ES with a certain multiplier applied to ES which reflects the average volatility which is higher in Dax then ES anyway all the time. Its a good indicator to see if something behaves odd. I don't have a unite graph for all indizes together because I am mainly interested in Dax/ES and know what to watch there. I am very carefull with all new graphs and settings because in the beginning they harm more than do good. But I like your MACD stuff although I think I could not be good in it. I like more the tape reading in FDax.
scaled out 2 lots into momentum, result on 5 minute progression Closed last 1/3rd of crude for near $5 gain <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1639259>
the thing is "don't short here". It can work, but the chance is high you burn your greedy fingers. Tapereading its obvious that a lot of people are still on the wrong side and have to cover before Dax close. So unless there is a big reversal in ES you have to buy the Dax dips here and not short. The hole day was a day of frustration for bears and it is likely to get even worse.
You're right, that 10 minute chart that I posted looked the part, but there have been 0 bearish set-ups on 1 & 2 minute charts following that pattern on 10 min, there has to be weakness present on short term charts. There is something on ES 5 min now, but again has to be seen on lower frame charts as well.
Dax fell nearly 40 points like a stone. The reversal at 8120 was very harsh and came seconds before the ES reversed (slightly). The reason why Dax changed behaviour so much within seconds can only be that a larger trader have been caught with pants down by other groups and they ran for his/their stops which had been placed most stupidly above the HOD from yesterday.