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DAX pivotal around 16,700 again so far today

The DAX managed to rebound off its low point yesterday, at 16,610 and rebound into the close, but it was still a lower close for the index. The DAX closed at 16,688. It reopened this morning, a little higher, at 16,703 and earlier fell to a low at 16,656. it then rose to a session high at 16,753. However, it has backed off again since and it is trading pretty sideways overall so far this week. The news from Germany is not exactly of an economy that is surging and that is clearly at odds with the price action over the past few weeks. That said, the prospect of an ECB rate cut sooner than later is the driver for the record gains seen late last year. The question now; is will that happen and if it does, will the DAX make further record progress above 17k? I have my doubts right now, but at the same time, the index is not backing off much and in overall terms remains highly elevated. The one thing that does continue to support the higher trend is the relatively low multiple for the index. The DAX is just now trading at 16,700
 

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