Market Analysis - DAX 30 and EUROSTOXX 50

The German DAX 30 broke above its downtrend line of the consolidation pattern this morning. The recently mentioned gap between 7183 and 7194 is already closed and I think 7300 is on the horizon. Maybe even 7500 points are possible over the next few weeks. My opinion is that the up gap should hold today and even over the next few days. A break back underneath the trendline would be bearish.

The EUROSTOXX 50 also started some sort of relief rally this morning but not as impulsive as the DAX 30 did. It has already broken the lower trendline but I think there is also a second way how you can draw a trendline. In the chart below you can see that this trendline is now around 2800 so we will see. In the short-/medium term I am positive but take a close look at today's gaps in both indices.