Dow Jones, Nasdaq 100, Hang Seng Prices, Charts, and Analysis
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Dow Jones edges lower
The index is drifting lower from its record high seen on Monday, but with no sign yet of a more significant move lower.The continued barrage of earnings may act to drive the price downwards, in which case last week’s lows around 37,100 may provide support. Below this, the 50-day simple moving average (SMA) becomes the next area to watch.
A close back above 38,000 leaves the index on course to hit new highs.
Dow Jones Daily Chart
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Nasdaq 100 close to recent high
The Nasdaq 100 shrugged off poorer earnings from Tesla and has moved higher in early trading. Yesterday saw the index hit a fresh record high, with even fewer indications of a potential pullback than the Dow. In the near-term short-term momentum may well continue to push the index higher.
A close back below 17,000 might provide the spark for a more substantial pullback, perhaps towards 16,630 or down to the 50-day SMA.
Nasdaq 100 Daily Chart
Hang Seng back above 16,000
A cut to bank reserve ratio requirements and hints of further stimulus have helped Chinese markets to rally, after news earlier in the week of support for stocks through the use of offshore funds from state-owned enterprises. The index has rallied from its one-year low and is back above 16,000. Beyond this, the 50-day SMA comes into view, while above this lies the January high at 17,130.
The downtrend is still firmly in place, so a lower high could still form. A close back below 15,700 might provide this trigger for a more bearish view.