DAX Index jumps higher midday after news that US and China had agreed to cancel existing tariffs in different stages. Earlier today the German Industrial Production s.a. (month over month) came in at -0.6%, below forecasts of -0.4% in September, the yearly reading came in at -4.3% also below expectations of -2.9%.
Yesterday, German Services PMI came in at 51.6 beating forecasts of 51.2 in October, and the Composite PMI came in at 48.96 also above forecasts of 48.6 in October.
DAX bullish momentum keeps pushing the Dax index to fresh yearly highs with small daily corrections making higher highs and lower lows as the Dax benchmark trades above all major daily moving averages and inside the ascending channel which started back in December 2018. Dax has reached an overbought level that we haven’t seen in years as the RSI 14 hovers at 78.05 a level that might trigger profit-taking.