German DAX index trades to a new all-time record high

The German Dax is trading up 131.25 points or 0.80% at 16536. That takes the index to its highest level on record, extending above the July 31 high of 16528.97. The high priest today has just reached 16540.44.

The index is now up for the 6th consecutive day.since bottoming on October 23(31 trading days ago, the index is up 13.05%. For the trading year, the index is up 18.79%, its largest gain since 2019.

Expectations of an ECB that is done tightening is helping the sentiment. The German 10-year yield is down from 3.024% in October to 2.238% currently. The yield is down -10.6 basis points today.

Technically, the 10-year yield fell below its 200-day moving average for the 1st time since December 2021 last week. That moving comes in at 2.524%. The 32.8% retracement of the move up from August 2022 comes in at 2.128% and is the next key target to the downside.

This article was written by Greg Michalowski at Source