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DAX sets a new record daily and weekly close as Easter looms

On Friday the DAX rose to its highest ever level at 18,225. It later closed 26 points higher, to end the week at 18,205. That was the highest ever daily and weekly close for the German benchmark index. However, it is overbought from a technical perspective, with the 14 day RSI (Relative Strength Index) at around 82 as of the close on Friday. At the same time, whilst elevated, that level is not yet critical in terms of warning of an immediate corrective phase. That said, as the end of Q1 looms later this week, the index has gained nearly 9% this year. The DAX will be closed on Friday for the Good Friday Easter holiday (and on Monday too) and so Thursday will be the last trading day of that first quarter. Does that herald the potential for profit-taking ahead of that break this week? Well, yes of course there is potential for that to kick in at some point. Overnight the DAX futures have remained elevated though, despite losses in the US futures and the Nikkei. The DAX is currently priced to reopen pretty much where it closed on Friday 
 

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