DAX extends yesterday's rebound amid tech sector recovery
Since the beginning of today's session, we have seen a clear acceleration of increases on indices, especially in Europe. It is worth paying attention to the German DAX. The DAX contract, i.e. DE30 is up more than 2% today, while since yesterday's bottom it has gained more than 4%. Only today we have a breakout above the 200, 50 and 14 period averages. DE30 is approaching the 61.8 Fibo retracement of the last downward impulse. The break of this level will be associated with the rejection of the negative attitude in the mentioned impulse.
DAX is one of the best performing indices, also when compared to US contracts. We have a recovery today on the side of technology companies. In Germany, positive sentiment is linked to good industrial data and due to a smaller decline in the ZEW index. The biggest influence on sentiment, however, is indications that Omicron is probably not as threatening as initially thought.
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All sectors in the DAX index are gaining. Consumer services and technology companies are the best performers. Source: Bloomberg
Source: xStation5
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