Dow Makes Progress and Nasdaq 100 Edges Lower, but Nikkei 225 Comes Under Pressure
Article by IG Chief Market Analyst Chris Beauchamp
Dow Jones, Nasdaq 100, Nikkei 225 Prices, Charts, and Analysis
Dow at new 2023 highs
The index surged to a new high for the year on Wednesday, as earnings continued to support the bullish view. Having enjoyed a strong performance over the past week, some consolidation might not be surprising, perhaps even seeing the index head back to retest 34,500 while leaving the breakout intact.
A close back below 34,500 might signal that another drop to the 50-day SMA was in the offing.
Dow Jones Daily Price Chart
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Further strength has been seen in this index over the week so far. Dip buyers continue to step after the slightest weakness. The June peak was followed up by a brief drop that then turned into a new move higher. The all-time highs at 16,630 are back in play once again.
A move back below 15,000 is needed to dent the bullish view overall.
Nasdaq 100 Daily Price Chart
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Nikkei 225 reverses course
Gains above 33,000 proved impossible to sustain on Wednesday and the index reversed course on Thursday.The close back below the 50-day SMA would negate the bullish outlook for the time being, and would then bring 31,800 into play once more, the low from earlier in July.
Bulls will want to see a recovery above 33,000 to suggest that a low is in place.
Nikkei 225 Daily Price Chart
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