Europe Overbought

These days, there seems to be more action during the European open than the NY open.  For example, today's opening range breakout happened in the 1st hour of European trade, not during NY trade.  Looking at the Dax 5 day chart, the market has broken out to a new 52 week high but is very overbought.  During the same time frame, S&P has only gone up about 1%.