The DAX Index is trading higher today, buoyed by US futures. As of this writing, Germany’s stock index is up by over 1.20% or 106.300 points at 9,266.270. This reflects the performance in S&P 500 futures which are up around 100 points today.
Leading gains on the DAX Index today is Wirecard which is up by 12.53%. Coming in second is Infineon Technologie which has a 5.70% floating profit. Deutsche Bank then rounds up the top three at +4.58%.
There is no top-tier data scheduled for release today. With a week of heavy selling, we could be seeing some market exhaustion which could help explain the uptick in the DAX Index. If the ASX 200 is any indication, it could finish the day in the green.
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On the hourly time frame of DAX Index CFDs, it can be seen that the stock index has pared some of its losses. By drawing the Fibonacci retracement tool from the high of March 11 today’s low, the DAX is testing the 38.2% Fib level. If buyers can sustain their momentum, it’s not difficult to imagine the index trading higher to the area between the 50% and 61.8% Fib levels. This price, around 0.9970 offers a confluence of resistance because it also aligns with the falling trend line (when you connect the highs of March 5, March 10, and March 11).
Alternatively, if risk aversion lingers, we could see the DAX Index once again fall to its 4-year lows at 8,818.8.