- DAX looks like it's ready to continue going higher after the initial fall on Monday.
- Monday's been a rather brutal trading session for equities around the world overall as the German DAX was no different.
- Technology shake up if you will with DeepSeek being released and suddenly beating the benchmarks of all the big technology stocks has really put a number on risk appetite, in general, and that influenced the DAX itself.
Now, having said that, I don't know if there's a long-term effect. I just don't know. This is kind of one of those really oddball situations, and I'll be the first to admit that what do you do with this information? Well, I don't really know. But I do know that the DAX is in a major uptrend and has been for some time and basically needed to pull back, we got that reason on Monday morning.
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Support Below
The 21,000 euros level continues to be somewhat significant support as it is a large round psychologically significant figure, and it has proven itself on Monday morning. If we break down below there, then the 20,500 euro level comes into the picture as potential support next as it had been previous resistance. I have no interest in shorting the DAX and I do think that Germany is starting to show some signs of life and in the European Union that's a major victory because quite frankly it's been pretty ugly in the European Union overall. So, with that being said I remain long of the DAX, but I don't necessarily want to chase here. I think this was one of those situations, had you bought into it, you watched it, might've gotten a little uncomfortable, but now it looks like it's going to continue doing the same thing it's done over the last two weeks.
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