The daily chart shows that the DAX remains in a broad uptrend, with price holding near 23,469, but the structure has shifted from clean bullish momentum to neutral with clear deterioration. Price is still above the 50-day and 14-day SMAs, but both have begun to flatten, while the 200-day SMA near the 23,469 area continues rising — still supportive but no longer accelerating. Price has formed a series of marginal higher highs between June and September 2025, yet the Stochastic Momentum Index has printed sharply lower highs, forming a strong multi-month bearish divergence, signalling weakening upside pressure despite price grinding upward. Immediate resistance remains at 24,500, the area repeatedly rejected during August–September, with a broader extension to 25,000 if momentum reignites. On the downside, initial structural support is the round 23,000 region, but the next major pivot sits at 19,676, which is also the upper boundary of the previous consolidation zone and has been marked clearly on your chart. The daily trend remains technically upward, but the divergence and flattening SMAs imply a maturing rally. A close below 23,000 would confirm momentum rollover and open a deeper move toward 19,676, while a protective stop for long positions sits just below 23,000 to avoid a trend failure.

The 4-hour chart turns decisively bearish, with price at 24,171 slipping above the 14- and 50-period SMAs, both of which are rolling over and beginning to cross downward — a short-term trend reversal signal. The 200-period SMA is aligned with the price but is flattening, no longer acting as dynamic trend support. The July–August price action formed higher highs, but the SMI has been trending sharply downward for months, creating a clean, extended bearish divergence that has now begun to unwind, with the SMI collapsing to –47.91%, confirming heavy momentum deterioration. Resistance now sits at 24,300, where short-term SMAs converge, and a secondary level lies at 24,600, the recently failed breakout area. On the downside, immediate support is seen at 23,500, followed by the higher-timeframe pivot at 23,000; a break below this level would align both timeframes into a unified bearish structure targeting lower levels. For tactical positioning, short-term sellers can lean into the breakdown momentum, targeting 23,500 → 23,000, with stops placed above 24,300 to avoid a squeeze back into the broken moving-average cluster.

                                        Daily Chart: Longer Term Bias: Neutral

The daily chart maintains a broader bullish structure, with price holding near 23,463, still above the rising 50-day and 200-day moving averages, which confirms the long-term uptrend remains intact. However, the slope of the 14- and 50-day SMAs has begun to flatten, showing that upside momentum is slowing after the extended May–July advance. Importantly, price has made higher highs into June–July, while the Stochastic Momentum Index has formed a clear series of lower highs, producing a well-defined bearish momentum divergence. This indicates internal exhaustion despite price stability near the highs. Immediate resistance sits around 24,500, where several recent peaks cluster, before a more psychological ceiling near 25,000. On the downside, near-term support is around 23,000, which corresponds to the most recent swing low and the top of the prior consolidation shelf. If selling accelerates, the next major structural support lies at 19,676, aligning closely with the major horizontal level drawn on your chart. Given the divergence and slowing trend strength, traders should treat rallies into 24,500 as vulnerable to rejection, with protective stops placed under 23,000 if holding longs.

The 4-hour chart reflects a clear loss of momentum, with price consolidating around 24,192 while the 14- and 50-period moving averages drift sideways and the 200-period SMA begins to flatten. Price continues to register higher short-term highs, but the SMI is plunging sharply into –29.40%, creating a pronounced bearish divergence that confirms weakening buying pressure beneath the surface. Immediate resistance lies near 24,300, where recent intraday highs intersect, followed by 24,700, the upper boundary of the summer range. Support is first seen at 23,800, the most recent pullback low, with a deeper level at 23,000, which aligns with both a major swing low and one of the key horizontal levels shown in your chart. The short-term momentum profile clearly favours a pullback, and traders may look to fade strength into 24,300–24,700 with stops above 24,750. Any break below 23,800 increases the probability of a corrective push toward 23,000, where stronger buyers are likely to re-engage.

On the daily timeframe the DAX remains in a clear primary uptrend, with price still trading well above the rising 200-day SMA, which confirms that the longer-term structure is bullish. The shorter 14-day and 50-day SMAs are also rising and sit just beneath current price, reinforcing 23,000–23,500 as the first area of dynamic support. However, the index has been moving sideways to slightly higher since June while the Stochastic Momentum Index has been trending lower from earlier overbought readings to around 40.62%, creating a pronounced bearish momentum divergence: price has made marginal new highs, but each high has been accompanied by weaker momentum. That pattern typically signals a maturing uptrend and increases the risk of a corrective phase even while the larger trend is intact. Immediate resistance is at the recent peak near 24,196, with a psychological extension target at 25,000 if buyers can force a breakout. On the downside, a daily close below 23,000 would likely trigger a deeper pullback toward the prior breakout and horizontal support region around 19,676, with a more structural floor down near 18,018 if selling accelerates. For positioning, existing longs should consider tightening stops to just below 23,000 to lock in gains while allowing some room for normal volatility, while new entries are best delayed until either a clean breakout above 24,196 or a pullback into stronger support confirms renewed momentum.

The 4-hour chart reveals a more fragile picture, with price chopping sideways around the highs while short-term momentum steadily deteriorates. From May through July, price has pushed to slightly higher peaks (highlighted by the rising orange trendline), yet the Stochastic Momentum Index has traced a persistent series of lower highs and now sits in negative territory around −41.60%, a strong multi-month bearish divergence that often precedes a more meaningful correction. The 14-period and 50-period SMAs have flattened and are starting to roll over, signalling waning upside pressure, while the 200-period SMA continues to rise below price, currently offering medium-term support around 24,196. In the near term, 24,196 is the key resistance defined by the recent 4-hour swing high, with 24,800 as the next upside target if that level is convincingly broken. However, given the persistent loss of momentum, the higher-probability scenario is for rallies into 24,000–24,196 to attract selling interest, with an initial downside focus on 24,196 and a secondary target near 23,000 if that support fails. Short-term traders may look to fade strength toward 24,000–24,196 with stops placed above 24,800, while more conservative participants can wait for a clean break below 24,196 to confirm that the divergence is resolving into a downside swing before targeting 23,000 and potentially lower levels.