Sentiment indicator of Deutsche Börse

Market sentiment

Kleine Skulptur von Bär und Bulle auf der Galerie

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 February 11, 2026: “Seeming stagnation”

Joachim Goldberg

Professional investors responded to the minor price movements of German blue chips in recent days only on the upside with profit-taking. Six percent sold shares, and six percent went short. The remaining bears did not move, and the sidelines are quite crowded at 36 percent. Joachim Golberg suspects that the switchers are trying to trade the spread in view of the lack of a trend. The sentiment index for this group is at the neutral zero line. The behavioral economist considers it to be slightly pessimistic in relative terms. Private investors have hardly moved.

Overall, the sentiment situation for the DAX is slightly positive. On the downside, Goldberg expects bears to buy at around 24,300 points and again between 24,100 and 24,150 points. On the upside, there is now less supply from the bulls.

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.

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Method

Xetra-Händler vor Monitoren

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.