The main German index opens today's quotations with a quite potent bearish gap. Theoretically and strictly from a technical point of view that gap should be closed but current sentiment is not so clear because of a bit elevated risk aversion from the Asian session (because of China's yuan devaluation.
From a strictly technical point of view we could see that also oscillators point at overbought and only a clear breakout above the nearest resistance at 11 630 could change the bearish sentiment now.
While looking at futures turnover one could see that we have not seen any such big volumes at the beginning of the session since many days. This could point at significant market positioning.