Dow surges back above 42,000 while DAX edges back from record highs
US indices continue to recover, while the DAX has dropped back from the new record seen this week.
Dow
Bulls will take some comfort from the fact that the Dow Jones index moved back above 42,000 overnight. This marks the lows of December and January and may mean that we see further gains in the short-term.
Early March saw the price find some temporary buying around 42,500, so a close back above this would help to restore a more bullish outlook, then targeting 44,000 the 3 March high. A reversal back below 41,500 raises the prospect of a move back to the recent lows.
DAX
While the DAX 40 index managed to rebound off its lows yesterday, it has headed lower this morning, raising the prospect of a short-term top.
22,400 and 22,100 could be support in the event of a move lower. Such short-term weakness has been seized upon in recent weeks for further buying. Below these levels the 21,100 level comes into view.
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