Stock market growth in the United States sparks a surge in DAX recovery momentum
The German stock market, DAX, experienced a significant day on August 29, 2023, as it reached the second highest daily high this year at 24,063 points. This milestone was surpassed only by the record high of 24,046 points set on September 1, 2023.
The day saw a surge in popularity for stocks like SAP and Infineon. However, the DAX failed to break through the 23,700 point hurdle pre-market and returned to its previous range-bound trading after jumping above the 23,550 point mark.
The index currently has several support levels, with the first one at 23,381 points, followed by 23,359, 23,317, 23,284, and 23,2880. If the DAX falls below 23,410, it could bring the last lows at 23,300 back into focus.
For a trend reversal, the DAX needs to overcome the 24,000 mark. The next resistance levels for the DAX are 23,855 to 23,890 points, followed by 23,795, 23,910, and 23,970 points. The latter two are horizontal levels, while the 23,990 points level is also a bull-bear level.
The SMA100 (daily) resistance level stands at 22,866 points. It's worth noting that the technology sector received a boost with Nvidia's announcement of a $5 billion investment in Intel.
The Nasdaq 100 also reached a new record high during the day. The DAX closed at 23,674 points on Thursday, having gained 1.35 percent. The gap on September 1, 2023 is at 23,937 points.
It's important to remember that these levels are subject to change based on market conditions and external factors. Always conduct thorough research before making investment decisions.
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