DAX, IBEX and TSX Forecast – Global Markets Trying to Rise

German DAX Technical Analysis

The German DAX has been all over the place during the course of the trading session here on Tuesday, reaching towards the 200-day EMA. If it can break above the 200-day EMA that would be a very positive turn of events. That would essentially be breaking above the 24,100 level and could send this market looking to the 25,000 level.

The DAX is recovering after a nasty plunge and now I think maybe a little bit of sideways action before a recovery is probably what we are going to see here. The 23,000 level, for me at least, is the floor.

Spain’s IBEX Technical Analysis

The IBEX in Spain has the same look to it, going back and forth, trying to stay above the 17,000 level, which is the first sign of potential stabilizing, and the 200-day EMA so far has offered a floor. Ultimately, this is a market that, if we were to break above the 50-day EMA, opens up the possibility of a move to the 18,250 level. All things being equal, the IBEX will continue to grind higher, I think, in the longer term, but in the meantime, with all of the war headlines and the risk appetite out there being destroyed, it is difficult to get overly bullish. I think it is more of a grind higher with a lot of backfilling.

Toronto’s TSX Technical Analysis

In Toronto, the TSX has the look of a market that is going to recover quite nicely off a trend line and the 50-day EMA. This has been a winner for some time and it makes sense because a majority of the big players in Toronto are either financial or commodities. And of course, commodities are a place where we’ve seen a lot of gains. The 33,500 level being broken to the upside could unleash another attempt to reach 35,000. Regardless, I think this is an index that, in the longer term, continues to attract buyers on dips, and I remain bullish on the TSX.

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