GEKKQUANT'S TAKE — DAX / Week of June 22 – 26, 2026DAX FuturesEUREX_DLY:FDAX1!GekkquantBias: Bearish lean, heavy below 25,103 — DAX rejected 25,353 and is defending its weekly low. Sellers hold the near-term ball. THE BIG PICTURE — Weekly. DAX reached for 25,353 this week and got thrown straight back, closing near the lows around 24,850 — a bearish weekly candle, down ~1.3%. The rally ran out of buyers at the highs and the week is closing weak, pinned just above the weekly low at 24,832 and well below the weekly pivot at 30,070… 25,103. The saving grace: price is still above the rising weekly EMA (24,715), so the bigger uptrend is intact — this is a pullback, not a breakdown. Yet. THE SWING — Daily. Today closed on the lows and price is now below both the daily EMA (24,975) and the 4H EMA (25,012), and it lost the previous day's low at 24,896. Near-term momentum belongs to the sellers. Until price reclaims 24,896 and then the EMAs back, rallies are there to be faded, not chased. THE WEEK'S MAP — 4H. Upside: 24,896 (prior-day low) → 25,103 (the line) → 25,264 (PDH) → 25,353 (week high) — only on a reclaim and hold. Downside: 24,832 (week low — defend) → 24,715 (weekly EMA) → 24,655. One number all week: 25,103. Above it the bulls have a case; below it, it's a sellers' tape. THE CATALYSTS (CET). Mon 22 — ECB's Lagarde speaks 15:00 & 17:25. Rate-path tone — the week's first cue. Tue 23 — German & French Flash PMIs 09:15 / 09:30. First growth pulse for the bloc. Wed 24 — Quiet. US tape leads. Thu 25 — Light; US PCE drives the risk. Watch Wall St for the cue. Fri 26 — No IFO / ZEW / CPI this week. Price & positioning lead. GEKKQUANT'S BOTTOM LINE. DAX showed its hand: it reached for 25,353, got rejected, and closed on the lows. That's sellers in control until they're proven wrong. Defend 24,832 and reclaim 24,896 then 25,103, and the bulls get back in the game; lose 24,832 and the 24,715 EMA is where the next fight happens. Don't buy weakness on hope — the tape just rejected the highs, so make it prove the bid before you trust it.