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June 26, 2023
- Medium-term trend indication turns negative after MACD index generates a crossover sell signal
The DAX has been losing ground for 3 days, shedding a total of 3.85% of its value. Similar trend today: the DAX is down to 15,752, after ending Friday at 15,830. Overall, a 0.49% loss or 77.96 points today.
The DAX hit a significant low of 15.42 around 9 months ago, but has since recovered 102,558%.
The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions.
Looking forward, the DAX is poised to extend its strong downtrend and continue declining.
Fundamental indicators – Business Expectations in Germany fell short of market expectations (88) with a reading of 83.6, continuing the decline from the previous figure of 88.3.
In the meantime, negative performances are also seen in other markets, FTSE slips 0.71% to trade around 7,408.79. S&P 500 is down 33.67 points from the beginning of the session and now trades around 4,348.33. Nasdaq is trading around 13,500 (down 130.6 points).
Upcoming fundamentals: Euro Zone ECB President Lagarde speech set for today at 17:30 UTC.
