- The MACD is significantly below its signal line, which suggests the market is running out of bearish momentum and could revert to a positive outlook as bulls regain control.
- The RSI is a momentum oscillator that measures changing price movements on a scale of 0-100. In the DAX's case, the index has risen above 70, signalling that the asset is overbought.
After closing the previous trading day at 14,400, the DAX is up to 14,526, which makes for a move of 0.9%/126.5 points today.
The index has been trending positively for about a month. Having set a significant high of 16,272 2 months ago, the DAX is trading 93,266% lower.
The MACD is significantly below its signal line which suggests that the existing bearish sentiment is beginning to swing around toward a more bullish outlook. On the other hand, note that first developed in 1978, the relative strength index (RSI) is a momentum oscillator that measures both the speed and rate of change in price movements within a market — measured as a 0-100 index. In the DAX's case, the RSI has fallen below 30, indicating the asset is oversold.
Overall, looking at the technical analysis landscape, it seems the DAX might continue pointing upwards in the short term.
Fundamental indicators – Euro Zone Consumer Price Index released yesterday at 10:00 UTC with a figure of 10%, while the previous figure was 10.6%.
The DAX shows positive signs, other assets are also on par: S&P 500 rallies 3.09% to trade around 4,080. Nasdaq is up 4.41% to 11,468. Having closed the previous session at 33,853, Dow Jones is up 2.18% today to currently trade at around 34,600.
Upcoming fundamentals: Euro Zone ECB President Lagarde speech is expected tomorrow at 02:40 UTC.