DAX: towards a continuation of the rebound up to 14,600 points

The DAX climbs to its highest level since mid-June thanks to Apple, Amazon and the Fed

The DAX continued its rebound on Friday along with its international counterparts. The German index took advantage of the risk appetite generated by the solid results of Apple and Amazon to extend its rebound the previous day, which began following a Fed deemed less hawkish than expected by raising rates by “only ยป 75 basis points.

The DAX thus chained two rising sessions, allowing it to end the month of July at its highest level since mid-June, close to 13,500 points. The outlook remains bullish in the near term although momentum may start to slow as major Wall Street indices have rebounded 10-20% and those in Europe 5-10%.

Additionally, the bulk of the corporate earnings season took place last week, so institutional traders should take advantage of the lull until the Jackson Hole symposium in late August to stay out of the markets.

The focus will shift to the macro, in particular the monthly US jobs report this weekend, as well as the ISM manufacturing and non-manufacturing indices on Monday and Wednesday.

DAX 40 daily price chart – key levels

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