The leading German index started the new stock market month weakly. In the afternoon, the Dax was at 16,292 points, around 0.9 percent or the equivalent of 154 points below the closing level on the previous day. The stock market barometer is still close to its record high, which the index reached on Monday at 16,528 points.
The area between 16,200 and 16,300 points serves as the first support against further falling prices because that is where the former record highs from late 2021 are. As long as the leading German index does not slip below the 16,000 point mark on a sustained basis, i.e. at the end of the day and on the following day, the new phase of the rally since the end of July will remain intact.
According to chart technology, the past stock market month of July could be groundbreaking. Because there was a higher high in July with the new record high and at the same time a lower low of 15,456 points. Technical analysts call this an “outside month”.
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