Equities hesitate as robust US economic activity fans fears of more rate hikes. The Dax 40 is testing last June’s peak of 14650, a liquidation point from a botched rebound last summer. This is a major ceiling which means that index is at a crossroads between a bullish recovery and a bearish reversal. A breakout could pave the way for a rally towards 15500, reinforcing hopes of a continuation of the uptrend. An overbought RSI on the daily chart shows exhaustion and 14330 on the 20-day moving average is the first support.