The price zone at around 24,500 points proved to be a seemingly insurmountable resistance for the DAX in the second half of last year. After the breakout above the resistance area and out of the sideways trend that had lasted for more than six months right at the start of the year, a very important bullish chart signal emerged.<\/p>\n\n\n\n
In recent weeks, this former resistance area - which has now reversed its function and serves as support - has been tested and defended again. This means that the chances of an immediate continuation of the trend are very good. However, if the DAX were to turn south again in the coming weeks and break through the support level to the downside, the chart picture would become much gloomier and the breakout would (initially) be considered a failure.<\/p>\n\n\n\n <\/p>\n\n\n\n The buy-the-dip sentiment therefore seems to be continuing as long as the macro data does not change. Despite interim negative factors such as a higher oil price, the ECB staffing debate and geopolitical headlines, the DAX continued to rise last week. The market did not ignore these risks, but overall assessed them as manageable. \ufffc<\/p>\n\n\n\n The strongest fundamental macroeconomic impetus for the DAX on Friday came from the German preliminary purchasing managers' indices (PMI):<\/p>\n\n\n\n This is particularly important for the DAX because the index is heavily influenced by cyclical and export-oriented companies. The fact that manufacturing is returning to expansionary territory improves the outlook for sectors such as industry, chemicals, mechanical engineering and parts of the automotive industry. This confirms the positive signals from January and makes it more likely that the German economy will grow in the first quarter.<\/p>\n\n\n\n Prior to this, there was a dip in the ZEW economic expectations over the course of the week: The ZEW sentiment fell to 58.3 (after 59.6); 65.0 had been expected \ufffc<\/p>\n\n\n\n This shows that The economic recovery is recognizable, but remains fragile. Although the expectation value has weakened, the assessment of the current situation has improved further to -65.9 points (highest level in seven months). This results in a coherent overall picture of the market trend: more cautious expectations, but no indication of a real slump in growth.<\/p>\n\n\n\n Another important boost to sentiment came from the US on Friday: the US Supreme Court declared the far-reaching \u201cTrump tariffs\u201d based on emergency legislation to be illegal. This was initially a clear sign of relief for the markets, as it removed some of the global trade pressure that had previously built up. European equities reacted positively accordingly; the STOXX 600 closed at a record level, which also improved the environment for the DAX, as many index stocks are heavily export-oriented and sensitive to changes in global trade. If the risk of broad-based US tariffs recedes, at least temporarily, this will improve the assessment of sales markets, supply chains and margin pressure in the short term, particularly for industrial, automotive and chemical stocks. <\/p>\n\n\n\n At the same time, however, this does not mean that the issue is over: the US government has already signaled that it will examine or use other legal avenues for new tariffs (initially with a temporary general tariff). This means that trade policy uncertainty is likely to remain a macro factor.<\/p>\n\n\n\n![\"A](\"https:\/\/www.captrader.com\/wp-content\/uploads\/2026\/02\/image-8-1024x707.png\")
\u201cRisk-on\u201d despite background noise<\/strong><\/h2>\n\n\n\n
Germany PMIs surprise positively<\/strong><\/h2>\n\n\n\n
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ZEW weaker, but not alarming<\/strong><\/h2>\n\n\n\n
Supreme Court declares US tariffs illegal<\/strong><\/h2>\n\n\n\n