Two weeks ago, the question was asked at this point whether this was a bear market rally or a sustained upswing.

You can't say that with any certainty even today, even if the prices have continued to rise since then.

But what can be said with certainty is that the quarterly results of many companies have given the Dax a good boost.

Strong Siemens business figures have also driven other values ​​up: Siemens papers rose to their highest level since March of this year.

Analyst Gael de-Bray from Deutsche Bank spoke of a “very encouraging outlook” for the industrial group for the 2022/23 financial year.

In the final quarter, incoming orders were ten percent above market expectations.

This also fits with other results: According to a study by EY, the 40 Dax companies generated record sales and earnings in a third quarter from July to September.

According to EY, despite the economic headwind, 2022 could be a record year overall for companies in the top German stock exchange league.

At least from this side, the German stock market index is not threatened.

All's well that ends well?

At least from a technical perspective, you can't say that.

Market observers such as Helaba and Commerzbank speak of an "overbought" situation in the Dax after the long and strong rally of the past few weeks.

So a consolidation wouldn't be out of the ordinary after a 20 percent gain over the past seven weeks.

Christian Henke from broker IG spoke of a "stalemate".

On the one hand there is a lack of follow-up purchases, on the other hand investors do not want to sell.

But a year-end rally is just as possible.

Because so far, every setback, no matter how small, has been bought again.

From the Baader Bank it is said that a lot of money is waiting on the sidelines and will dare to go to the stock markets if the prospects continue to improve - which in turn speaks for a year-end rally.

In any case, this week things went up again in small steps, the Dax was able to gain around 1.5 percent to 14,440 points.

Nevertheless, it should not be forgotten that the leading German index has lost around 10 percent this year.

Where things are ultimately going this year could then be finally answered in the coming week.

In America, after the traditional Thanksgiving meal, which is significantly more expensive this year, Black Friday is coming up, which opens the pre-Christmas shopping season - it should be clear to see whether people will let the higher cost of living and higher prices spoil their mood for shopping.

In Germany, the business climate index and various purchasing manager indices are likely to draw the attention of investors.

In the United States, the stock exchange is closed on Thursday and only open half-day on Friday.