Sentiment indicator of Deutsche Börse
Market sentiment
Opinions make markets: Every Wednesday, Deutsche Börse surveys the market expectations of active investors and has the results interpreted in accordance with the findings of the behaviour-oriented capital market analysis, Behavioral Finance. The analysis is published here around 4 pm.
Market sentiment analysis as of April 1, 2026: “Recurring Patterns”
Looking at the DAX’s performance over the past week, Joachim Goldberg identifies a pattern of losses toward the weekend—at times exceeding 3 percent—followed by a recovery at the start of the week. Many investors are acting on this. For instance, 9 percent of professionals have closed their short positions since last Wednesday—some with profits, as the behavioral economist suspects—and 3 percent have gone long. The sentiment index jumps to +31 points. Retail investors have also moved in this direction, though their sentiment index stands at +17, significantly lower.
Goldberg draws a mixed conclusion: On the downside, the DAX lacks solid support, while on the upside, today’s bulls—who are still in the red—are likely to slow down a recovery starting at 23,600/650 DAX points. Should the market come to the conclusion that the situation in the Middle East is not improving after all, the next wave of selling would be imminent.
Your opinion counts: Market expectations of investors
All interested investors are invited to participate. It takes only 15 seconds. Every Tuesday you will receive an e-mail with a survey link. You will receive the results of the analysis by e-mail.
Sentiment analysis now also available as a podcast
You can listen to or download the sentiment analysis directly from this page.
Of course, it's also available on the usual podcast platforms Spotify, iTunes, Podcaster, Amazon, Google, where you can subscribe to it.
Method
Investors with bullish expectations are long, investors with bearish short. Cost prices and imbalances can be deduced in particular from the changes. Often the sentiment index functions as a counter-indicator because there is no potential demand, but this does not fit in every market situation.
Joachim Goldberg
For more than 30 years, Joachim Goldberg has been dealing with the interaction of people and markets. But it was not until he discovered the psychological influences on the financial markets that the graduate banker and former currency trader thought he had come close to what drives and moves the world of finance.
Deutsche Börse 
