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​​​​​​Dow remains contained, while Nasdaq 100 edges up and Nikkei 225 retakes 40,000

​​​​​​Dow remains contained, while Nasdaq 100 edges up and Nikkei 225 retakes 40,000

Chris Beauchamp, IG Chief Market Analyst

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Dow Jones 30, Nasdaq 100, Nikkei 225 Analysis and Charts

​​​Dow still unable to break higher

​The index again attempted to make solid gains on Monday, pushing back towards 39,500, but it was unable to hold the highs of the session, essentially a repeat of Friday.​However, it is also true that the price has not closed significantly lower, with buyers defending the 39,000 area. This short-term range will need to be broken to provide a more conclusive view of the next likely move.

​A close above 39,500 would mark a bullish development, and open the way to the May highs, while a close below 39,000 might spark a drop towards the June lows at 38,270.

Dow Jones Daily Chart

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​Nasdaq 100 still edging higher

​The recovery from the late June low at 19,500 continues. Yesterday saw the index make a positive start to the week, building on last week’s bounce from 19,500. The 20,000 high from mid-June now comes into view once again, and beyond this, the index will be in new record-high territory.

​A short-term bearish view requires a close back below 19,500.

Nasdaq 100 Daily Chart

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​Nikkei 225 surges through 40,000

​The index made strong gains overnight, and has moved back above 40,000. ​It now finds itself at its highest level since 4 June, arguably marking a resumption of the uptrend from the Q4 2023 lows. The next target would be the 41,000 highs from April, while beyond this the index will reach new record highs.

​Buyers have wrested control over the past two weeks from the sellers, and in the short-term a close below 39,000 and then 38,000, a key support level in May and June, would be needed to suggest that the index is headed lower.

Nikkei 225 Daily Chart

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