Sep’15 Dax futures have seen a rally in July from the 200-day average and a key 62% pullback to 2015 gains, according to Lucas.

He says this has attracted sellers and on Tuesday selling ended a long sequence of higher daily lows. This is a bearish signal which together with weak US corporate results should keep the focus lower, Lucas says.

Lucas is looking to sell at market and 11650 with a stop at 11700 and his targets are 11478.0 and 11415.5.