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DAX 40 Lack of Drivers for the Development of Upward Dynamics

3/15/2023 1:01 PM

The leading index of the Frankfurt Stock Exchange DAX 40 is correcting, trading at 15219.0.

The German stock market is trying to regain its position, but macroeconomic statistics are still putting negative pressure on quotes. Thus, the Institute for Economic Research (IFO) published a report stating that by the end of 2022, real household incomes in the country decreased by 0.7% with an expected growth of 2.6%. In monetary terms, the decline in the indicator amounted to about 110.0B euros.

Another factor influencing the asset remains the domestic bond market: the yield rate on 10-year German Treasury securities is held at 2.449%, which is lower than the peak values of the beginning of March at 2.723%, and 20-year bonds are trading around 2.523% after 2.718% recorded at the beginning of the month. In addition, the correction trend was confirmed by yesterday's auction for the placement of 5-year securities, the rate for which was 2.430%, down from 2.590%.

The growth leaders in the index are Dr. Ing. h.c. F. Porsche AG Preferred (+5,60%), Commerzbank AG (+4,37%), Deutsche Bank AG (+4,28%), Mtu Aero Engines Holding SE (+3,65%).

Among the leaders of the decline are Volkswagen VZO (-1.58%), Porsche Automobil Holding SE (-1.41%), Qiagen NV (-0.78%).

On the daily chart, the price is trading in an uptrend, holding within the local ascending corridor with dynamic boundaries of 16500.0–15100.0.

Technical indicators reversed and issued a new sell signal: the fast EMAs on the alligator indicator crossed the signal line from top to bottom, and the AO histogram, being in the sales zone, forms descending bars.

Support levels: 15000.0, 14600.0. | Resistance levels: 15500.0, 15900.0.

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