Dax remains in an overall downtrend
The German Dax index recovered along with global equities following the recent bout of volatility, but a look at the charts reveals that it remains in a longer-term downtrend.
Head of FX Strategy
Summary: The S&P 500's breach of its 200-day moving average means that we should all take notice, simply because the US market is the single largest market and always the basic proxy for risk appetite.
Note the 40-week (200-day equivalent on the weekly chart) going back even further and the degree to which this level often is in focus: