DAX falls back from record opening closing the open gap on the daily charts

The DAX did set a new record opening this morning, at 22,851, but that was the top of the shop so far. The index has fallen back quite sharply since that record opening and new all time high. Initially, it looked like it was merely a gap-filling process, to fill what was an opening gap well above the record seen yesterday, at 22,804. Well, it has fallen further below that since then and dropped towards 22,750. Of course that might have been due to some forced profit-taking ahead of the German ZEW data due at 10am GMT. Indeed, to be honest that looks more than likely the case and now we see, if the index can now rebound again, now that it has filled the price gap. We shall have to see on that. As noted earlier, the prospect of any good news coming out of that data being priced in above 22,800 is clearly live too. The DAX is right now at 22,780