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Dow Jones, Nasdaq 100, DAX 30, Nikkei 225 Technical Outlook Ahead

Dow Jones, Nasdaq 100, DAX 30, Nikkei 225 Technical Outlook Ahead

2020-02-15 11:00:00
Daniel Dubrovsky, Analyst
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Dow Jones, Nasdaq 100, DAX 30, Nikkei 225 – Global Stocks Technical Forecast

  • Dow Jones and Nasdaq 100 facing fading upside momentum
  • DAX 30 eyeing a sign of indecision after hitting record levels
  • Nikkei 225 in consolidation mode, fading momentum persists

Dow Jones Technical Outlook

The Dow Jones may see near-term weakness ahead from a technical standpoint. Prices closed under a rising support line from the beginning of this month. This also followed the presence of negative RSI divergence, which shows fading upside momentum. The latter can at times precede a turn lower. That would place the focus on immediate support at 28995. Though the dominant uptrend is being maintained by a rising channel from 2018. If prices rise instead, keep an eye on the midpoint of the Fibonacci extension at 29984.

Wall Street BEARISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 22% -4% 5%
Weekly 27% -17% -4%
What does it mean for price action?
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Dow Jones Daily Chart

Dow Jones Daily Chart

Chart Created in TradingView

Nasdaq 100 Technical Outlook

The Nasdaq 100 rose and hit record levels, though negative RSI divergence is ominously accompanying its ascent. Fading momentum can be a signal of a reversal which places the focus on support at 9340. The latter is the 23.6% Fibonacci extensions. Guiding the Nasdaq higher though are a couple of potential trend lines. I have marked them on the chart below as inner and outer layers in red. Uptrend resumption would have the index facing the midpoint of the extension at 9817.

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Nasdaq 100 Daily Chart

Nasdaq 100 Daily Chart

Chart Created in TradingView

DAX 30 Technical Outlook

The DAX 30 ascended to record highs this past week after taking out the peak from 2018. Prices did leave behind a Doji candlestick on Friday which is a sign of indecision. A further downside close could signal that a turn lower could be in the cards. That places the focus on support at 13600 followed by 13423. A rising channel from August is maintaining the key uptrend. If the DAX resumes gains ahead, keep an eye on the 38.2% Fibonacci extension at 13880. A close above that exposes the midpoint at 14160.

Germany 30 BEARISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 29% -2% 6%
Weekly 72% -28% -12%
What does it mean for price action?
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DAX 30 Daily Chart

Dax 30 Daily Chart

Chart Created in TradingView

Nikkei 225Technical Outlook

The Nikkei 225 spent this past week trading sideways between support (23591) and resistance (24129). Negative RSI divergence has been accompanying tests of peaks from January 2018, signaling increasingly fading upside momentum. If the Nikkei 225 turns lower ahead, keep an eye on what may be a potential rising support line from August. There is also the horizontal psychological barrier between 22705 to 22854. If prices climb instead, keep a close eye on the October 2018 high at 24448.

Nikkei 225 Daily Chart

Nikkei 225 Daily Chart

Chart Created in TradingView

--- Written by Daniel Dubrovsky, Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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